Leasing Vs. Buying In Elmhurst, IL

January 5th, 2017 by

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One of the most frequently asked questions our Dodge dealers in Illinois hear is whether it’s better to lease or buy a car. Those of us at Larry Roesch Chrysler Dodge Jeep® RAM in Elmhurst, IL think it’s important to understand the difference so you can make an informed decision based on what’s best for your life.

Leasing is a good option for someone that might not have much money to put down or someone that likes to change vehicles frequently. Some benefits of leasing are:

  • Lower monthly payments than buying
  • Typically no down payment required
  • Minimal repair costs due to warranty coverage on leased vehicles
  • Less sales tax to pay
  • The option to get a new car every two years

Before you set your mind to leasing, though, it’s important to keep in mind there are also some drawbacks, like:

  • Limited mileage allowance
  • Wear-and-tear charges can be costly
  • No ownership at the end of the lease
  • Generally more expensive than buying in the long run

For those interested in keeping their car for awhile, buying is usually the best way to go. When you buy your car, you gain the following:

  • Ownership, which means you can make modifications to or sell the car
  • More economical than leasing
  • No mileage restrictions

Some cons to ownership are:

  • Higher monthly payments and down payment
  • Once the warranty expires, all repair and maintenance costs are your responsibility
  • Car-buying process takes more time and ready cash
  • Depreciation can end up hurting you

Be sure to consider all of this before you make the choice to lease or buy. When you’re looking for Chrysler vehicles near Chicago, IL, Larry Roesch Chrysler Dodge Jeep RAM is here to help get you on the road today!

Posted in Finance