Its a decision everyone has to make who isn’t paying in cash:
Should I lease or finance the car I want to take home?
If you’ve only ever financed, have you ever looked into leasing a car? Here is some information you should consider when choosing between whether to lease or finance.
- Getting more car for less money: The payment for a lease is mess less than buying the car outright. This means you can grab something with all the bells and whistles you can possibly want. Instead of a midsize sedan, spring for that SUV.
- A smaller down payment: Because it is a lease, you don’t need as much down as you would to purchase something outright.
- you can enjoy all the high tech goodies that come in a car without having to pay tons of money for them.
However, are there any disadvantages? It depends on how you see it. Here are some below:
- Lease contracts limit the number of miles you can drive: Part of the contract is how many miles you are allowed to drive within a year. This limits what you can do with your car while it is yours.
- you lease from someone else: The car belongs to the leaser. It is just a reminder that unless you choose to buy out the lease at the end, the car or SUV you choose isn’t yours. There isn’t anything you can do to the car cosmetically while it is in your possession.
- Your credit has to be slightly better to lease a car than to buy: You are more or less “renting” the car so they want to make sure you will be returning the car without complications. This may have changed but your credit history is important.
So, what is more important to you? Smaller payment and getting more for your money? Or Being able to drive where ever you want whenever you want? The choice is up to you! Check out West Valley Chrysler to see your options with some numbers.