Should I Buy or Lease My Next Car?

2019 challenger models on track

When shopping for a new car in the Memphis area, you may be curious about the pros and cons of buying vs. leasing. The answer is different for everyone, so it’s important to understand how each process works. There are benefits to buying and leasing, but you need to think about your specific needs and your budget. Let’s take a look at the benefits and drawbacks of financing and leasing so you know which is right for you when you come and visit us at Collierville Chrysler Dodge Jeep Ram!

Benefits of Buying

  • Total Ownership: Buying a vehicle means it’s completely, 100% yours. This means you are free to do with the vehicle what you please. There are no restrictions on how it’s modified, decorated, etc.
  • Customization: Want to make your new vehicle stand out among the crowd? Again, because you have total ownership, you’re free to add cosmetic and mechanical changes as you see fit. Create the car of your dreams without any restrictions!
  • No Mileage Restrictions: Speaking of restrictions, if you’re driving your vehicle clear past the Oxford, MS area and beyond, you may want to consider buying. While leased vehicles must adhere to a mileage restriction, you’re free to drive as much as you want when you finance.
  • Ability to Sell: Since you’re not locked into a lease agreement, you can sell your car without dealing with a complicated process.
  • Less Cost Over Time: Though buying a new car is more expensive in the initial period, it can be far less troublesome in terms of cost over time. With total ownership, the vehicle becomes less expensive to own the longer you have it.
  • Financing Options: While leasing isn’t a massive headache, the car financing process is more straightforward. This is especially true for those with very good credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments.

Benefits of Leasing

  • Lower Payments: Both monthly payments and down payments are less substantial when you lease your next new vehicle. This means the initial cost of entry is far lower.
  • Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on down payment and for your monthly payments.
  • Great Coverage: Warranty coverage and maintenance is a breeze when leasing, as any issue that pops up under your warranty is covered – as long as you don’t go over your mileage limit.
  • Trade-Ins: When your lease agreement is over, the process taking on a new lease is simple. Head to our local Collierville dealership, pay any remaining fees, and drive away in your next leased vehicle.
  • Options: Leasing allows you to drive the newest models with cutting-edge tech every time you lease a new vehicle. You’ll have plenty of options and will be able to find the perfect model for your lifestyle and budget.
  • High Approval Rate: While you may be denied for a car loan, it is much easier to get approved for a lease. If you have poor, little, or no credit, then leasing might be the best option for you.

Explore Leasing and Financing Options at Collierville Chrysler Dodge Jeep Ram

No matter which option you choose, remember the decision is based entirely on your personal preferences and financial needs. What works for some might not work for others, so take all of this advice with a grain of salt. If you’re ready to get behind the wheel today, then explore all of our lease and finance deals, and head over to our dealership near Southhaven, MS. Our team at Collierville Chrysler Dodge Jeep Ram will work with you personally to create a lease or finance option that works with you. If you have any questions, don’t hesitate to contact us today!

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