Is It Better to Lease or Finance a Car? How to Know Which Option is Right for You
Table of Contents
Key Takeaways
- Leasing and financing are both great options to help you drive a car you love.
- Financing is cheaper in the long run and offers more flexibility around how you use your vehicle.
- Leasing makes it easier to change your vehicle more often and has lower upfront costs.
- You’ll want to talk to a financing manager to determine which option is best suited to your needs and what you’re approved for.
How to Know Which Option is Right for You
When you are looking to get into a new vehicle, you’re likely planning to finance the vehicle in one way or another and might wonder, is it better to lease or buy a car? Both leasing and financing can be a great way to help you get into the car, truck or SUV you really want. However, both options come with their own pros and cons. Discovering the answer to the question, should I lease or buy a car generally comes down to personal preference.
At Team Chrysler, we are the Ram, Chrysler, Dodge and Jeep dealership Mississauga residents count on when looking for the best selection of the most in-demand vehicles. In this post, we walk you through the pros and cons of financing and leasing and help you answer the question, is it better to purchase or lease a car? Let our team of experts guide you in finding the right vehicle and the right financing option.
Whether you have leased or financed in the past, when it comes time to get a new vehicle, you’ll want to feel informed about all of your options. Financing is a great option for those who wish to drive their car for many years, want to build equity in their vehicle, and like the freedom to drive without mileage limits. Leasing on the other hand, has lower upfront costs, can help you get into a new vehicle more frequently, and often offers lower monthly payments.
Leasing or financing a vehicle is ultimately a personal choice. When looking for a new Jeep Wrangler for sale or a new Ram 1500 for sale, you’ll want to explore all of your options to ensure you get the vehicle you want at a price that is right for you.
Quotes From the Experts
Ralph Baboolal:Leasing Manager
Financing Pros and Cons
| Pros | Cons |
|---|---|
| More affordable in the long term | May require a down payment |
| More control over how you use your vehicle | Can make you feel tied to your vehicle |
| Ability to build equity | Could have a higher monthly payment |
Leasing Pros and Cons
| Pros | Cons |
|---|---|
| Cheaper monthly payment | Milage limitations or fees for overuse |
| Ability to change vehicles more frequently | You do not own the vehicle when the lease ends |
| You can consider buying when the lease has ended | Will cost more in the long run |
Frequently Asked Questions
Is It Better to Buy or Lease a Car?
Is leasing or buying a car better? The answer to this question is really up to you. Leasing may cost more in the long run, though for some, this option is still their preferred choice. Financing has many benefits, but depending on your credit score, you might not qualify for the best rates. Look at your budget and consider your long-term goals when deciding which option is best for you.
How Can I Know Which Financing Option is Right for Me?
There is no right or wrong answer when it comes to the question, is it best to lease or buy a car. If you are struggling with the decision, consulting with your trusted dealership may help you make sense of your options. Keep in mind that financing and leasing promotions change from time to time, and it may be worthwhile to take advantage of a limited time promotion when considering what is best for you.
Conclusion
When it comes to driving a vehicle you love, financing and leasing are both great options. If you are looking for lower monthly payments and intend to change your vehicle regularly, financing could be the right option for you. Financing, on the other hand, may be more favourable for those who want to keep a vehicle for a long time and need the freedom of no mileage limits. Speaking with the experts at Team Chrysler can help you discover the best option for you. Apply for Chrysler, Dodge, Jeep or Ram financing online today to discover what you might qualify for.
Hadeel Hijazieh – VP Digital Marketing at Ontario Chrysler Group
Hadeel has over 15 years experience in Automotive Digital Marketing with a focus on Brand dominance. She is a member of the dealer council at various leading marketplaces in Canada. Outside of work, Hadeel can be found splashing acrylic paint over canvas in her home studio.
0 comment(s) so far on Is It Better to Lease or Finance a Car? How to Know Which Option is Right for You