Buy vs Lease near Painesville, OH

Are you excited about getting a new Jeep Grand Cherokee or Wrangler? You may have heard terms like buying and leasing during your search, and both methods can help you acquire the vehicle of your dreams. So how are they different? Our Classic CDJR team members have created this guide to compare and contrast how they work.
Buying
The common approach to getting a new or used vehicle is through purchasing it from our store. Spending thousands of dollars at once is allowed, but it may not be the most practical way to obtain a vehicle like a Ram 1500 or Ram 2500. Instead, it’s more beneficial to finance a model. This buying process lets you borrow money from a lender to cover the cost of a car, minivan, SUV, pickup truck, or any other vehicle type. After that, you’ll make monthly installments to the company that holds your contract until it’s paid off. The period in which to make those payments depends on the agreement with the lender. Once you’ve paid off the auto loan, you can drive around the Painesville area as the permanent owner of the vehicle.
Leasing
If you’re looking to try out a vehicle like a Dodge Hornet or Durango for the first time, a lease may be more suitable. This contract lets you borrow a vehicle for a short time instead of pursuing lifetime ownership. Before you begin your travels on Highway 20, you must agree to mileage stipulations set by the company that’s holding your lease. These limits can be between 12,000 and 15,000 miles per year. If you happen to be given terms and conditions that are too restrictive, our Finance Department can negotiate on your behalf so you’re able to get the results you’re aiming for. As you approach the end of a lease, you’ll have an option to switch to financing, borrow another model, or simply allow the contract to end.
Which Is Better?
Whether you’re buying or leasing a vehicle, one method isn’t better than the other. It all depends on your circumstances. Shoppers who want to maintain permanent ownership should purchase a model. Through financing, you’ll have a contract with a duration that’s between four and seven years. This period is the timeline the lender estimates that the vehicle’s auto loan will be paid in full. Leasing is like an upgraded rental program that lasts between two and four years. With this method, you’re able to drive a Jeep Compass or Chrysler Pacifica Hybrid temporarily, and your monthly payments will be less expensive than financing. Buying a car, SUV, minivan, or pickup truck gives you more flexibility, since it doesn’t have mileage limits like leasing. Take a few minutes to weigh your options, then stop by our dealership’s location for more assistance.