Buy vs. Lease

Wondering whether you should buy or lease your vehicle? We break down the pros and cons of each method for you. We also include some real-world scenarios with our suggestions of whether to buy or lease.

Should I buy or lease? This is probably a question that you've asked yourself when you start shopping for a car. The answer depends on many factors, including your financial situation and what you need from your car. Both options have Pros and Cons, so read below to see our take on Buy vs. Lease.


Pros and Cons to Leasing a Car Pros and Cons to Buying a Car
Pros Cons  Pros Cons 
Low monthly payments

You never own the car 

 
Pride of ownership 

Higher monthly payments
 
Low down payment 

Limited mileage 

 
No mileage limits 

Higher down payment 

Get a new car every few years 


More expensive as you must return the car and get a new one once lease is over

 
Car eventually gets paid off, so no more car payment


You keep the same year make model until you're ready to buy a new one
 
Factory warranty covers most repairs


Limitations on customizing your vehicle 


 
Cheaper in the long run because you can own it for many years
 
You are responsible for repairs, even after factory warranty expires
 
 

Still unsure? We've put together some real-world scenarios that you may fall into.

I've been saving some money and I have enough to give a 20% down payment. Should I buy or lease?

 - Buy. The large down payment will help keep your monthly payment costs down and you will pay your car off faster.

I can't afford a large down payment. Should I buy or lease?
 - Lease. Many lease offers require a very low down payment, or no down payment at all. Be careful, though. Sometimes low down payments mean high monthly payments. Be sure to read to fine print of your lease agreement.

I work about 45 miles away from my house, so I have a long commute every day. Should I buy or lease?
 - Buy. Most lease offers come with a mileage limit, usually between 10,000 and 15,000 miles per year. If you drive enough to surpass that limit, you'll get charged for each extra mile, which can add up very quickly.

Car technology evolves so quickly, and I want to make sure that I always have the latest technology in my car. Should I buy or lease? 
 - Lease. Lease agreements generally last 3-5 years, so when that cool new technology comes out, you can rest easy knowing that you aren't committed to a car you just purchased a year ago.

I want to customize my car with a rainbow paint job and shag interior. Should I buy or lease?
 - Buy. Questionable style choices aside, buying a car gives you full freedom to do whatever you want with it. Lease offers can be restrictive when it comes to customization.


If you need some more detailed information about whether to Buy vs. Lease, visit the expert sites below, or visit our St. Marys Chrysler finance department for advice and consultation based on your unique situation. 

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