Should I Buy or Lease My New Car?
Should I Buy or Lease My New Car in Tifton, GA?
Interested in buckling up in a new ride, but not sure whether you want to buy or lease? Don’t worry — here at Griffin Chrysler Dodge Jeep RAM Tifton, we’ve put together a useful chart that showcases the pros and cons of both options. Feel free to utilize our online pre-approval form and payment calculator to save time at our dealership and to get an idea of what your monthly payments will be. Once you’ve gathered all the necessary information, like your monthly budget, lifestyle needs and spending power, you’ll be ready to roll. Eager to get started? Continue reading and discover whether purchasing or leasing a new Chrysler, Dodge, Jeep® or RAM is the right choice for you.
How Do Car Loans and Leases Differ?
| Loan | Lease | |
|---|---|---|
| Path to Ownership |  |
 |
| Upfront Costs |
Cash price or a down payment, taxes, registration, and other fees. |
First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees. |
| Lower Monthly Payments | |
|
| Customization Allowed | |
|
| Covered Under Warranty | |
|
| Future Value |
All vehicles depreciate, but you’ll have equity when trading or selling. |
The future value doesn’t affect you. |
| Unlimited Mileage | |
|
| Fees for Excessive Wear and Tear | |
|
| Fees for Early Termination | |
|
| End of Term |
You’ll have full equity to do what you want with the car. |
Purchase the vehicle, or buy or lease another car. |
| Vehicle Return |
Sell or trade. |
Return the vehicle at lease-end and pay any applicable fees. |
Why Purchase a New Car?
Once paid off, your new car purchase is your ticket to ultimate freedom. You’ll have the ability to customize to your heart’s content since you’ve accrued equity with your monthly payments. Feel free to add an upgraded audio system or any exterior accessories to make the model your own. Plus, once you’ve signed the paperwork, there are no fees or mileage limitations you have to worry about. When you purchase a new model at Griffin Chrysler Dodge Jeep RAM Tifton, your vehicle will be armored with a limited warranty. After some time, if you’re interested in one of our newest models, you can trade your current ride for a new one at a lower cost. While owning your car is invigorating, keep in mind the cons. Your new car warranty will eventually expire, which will result in you being solely responsible for maintenance and repairs. Monthly payments are also higher when you buy.
Why Lease a New Car?
Leasing continues to be an attractive option since new car prices continue to rise. This financial option gives drivers the opportunity to experience new models without shelling out high monthly payments. Another perk to leasing is that you’ll be behind the wheel of a new model during the most trouble-free years of its life! This is simply because a lease term is typically the same length as the limited vehicle warranty. Once the lease terms have expired, you can return the model to the dealership, pay any applicable fees and then choose what vehicle you wish to lease next! Just like buying, there are some cons to consider when it comes to leasing, such as mileage limitations, no leeway for customization, and fees for wear and tear and early termination.
If you’re ready to be the proud owner or lessee of one of our new models, feel free to contact us or visit Griffin Chrysler Dodge Jeep RAM Tifton at 505 7th St W, Tifton, GA 31794. We look forward to serving customers near Douglas, Pearson, Coffee County and Ware County.
Visit Consumer Reports’ page for more information on whether you should buy or lease.