New Car Financing vs Leasing
Just about every shopper at Glenn E. Thomas Dodge Chrysler Jeep is excited to choose a new vehicle, and the process of exploring our showroom and taking test drives is a true thrill. When you decide which new Dodge, Chrysler, Jeep, or RAM vehicle is perfect for you, though, that isn’t the last decision you’ll be making.
You also need to choose how to proceed in our Signal Hill new car financing department serving Long Beach. If you’re torn between leasing or buying your new vehicle, don’t worry; our automotive financing experts are here to help you understand the differences between the two and the pros of each option so that you can make the choice that’s perfect for you!
Making a Choice That Suits Your Needs
The key difference between buying or leasing a vehicle is the ownership of the vehicle itself. When you finance a new car, you are essentially taking out a loan and paying it down over time; at the end of your payments, you own your vehicle. With a lease, you set up parameters to make payments that cover the portion of the vehicle that you use over the life of your lease; we maintain ownership of the vehicle.
In most cases your down payment and monthly payments are higher when financing a vehicle, but you own the vehicle when you’re done. With a lease, your payments tend to be more affordable, but you don’t own the vehicle when you’re done. For more specific numbers for your circumstances, we offer a tool to estimate your car payment at our dealership serving Signal Hill and Long Beach.
Generally speaking, your plans for the future tend to play an important role in your choice here. If you plan to get a new vehicle every few years, a lease is perfect for you. This allows you to reduce your minimum payments and eliminate the hassle of selling your vehicle down the road.
Of course, you can also choose to buy out the remainder of your lease at its conclusion if you decide you’d rather stick with that vehicle. If you know you’re invested in this new vehicle for the long term from the start, though, then financing it from the start will help you to pay it off sooner.
Specifics for financing will vary from one shopper to the next, so your best bet if you’re debating whether to lease or finance is to speak with one of our experts here at Glenn E. Thomas Dodge Chrysler Jeep. Simply contact us by calling (866) 340-5075 and we can help you to explore the options that are best for your unique circumstances.