Should I Buy or Lease?

happy woman inside vehicle holding car keys

It can be a little daunting to learn how to buy a new car in Austin Part of the process is asking yourself, “Should I buy or lease?” Knowing the difference between leasing vs. buying can help you make a decision that suits your needs and budget. Learn more about the difference between choosing a lease vs. buying a new car with Covert Chrysler Dodge Jeep Ram. 

Leasing vs. Buying: Benefits of Buying a Car

  • No Mileage Restrictions: A leased vehicle will have a limit on how many miles you can drive it. When you finance a vehicle, you’re not limited by lease restrictions or mileage restrictions. Buying is a better option if you drive outside of the Cedar Park area a lot. 
  • Total Ownership: You’ll own your car outright when you pay off your financing, giving you the power to modify the vehicle. That includes adding accessories or custom parts.
  • Ability to Sell: You can sell your vehicle whenever you choose to do so.
  • Financing Options: When you finance a vehicle, the process is more straightforward and more accessible if you have a low credit score
  • Less Cost Over Time: While you’ll likely make a larger down payment, after you’ve paid off your loan, the cost of owning a car lowers dramatically, leaving more money in your pocket.

Leasing vs. Buying: Benefits of Leasing a Car

  • Lower Payments: Your down payment and monthly payments may be smaller when you lease a car, depending on the vehicle and your lease terms. It’s also possible to lease a used car.
  • Lower Sales Tax: Leasing a vehicle will lower your sales tax in the Round Rock and most states. 
  • Trade-Ins: Trading in your vehicle is very simple when you have a lease agreement. Pay off any remaining fees, sign a new lease, and drive away in your next leased vehicle. 
  • Great Coverage: When you lease a vehicle, it usually has excellent warranty coverage.
  • Options: If you prefer driving a brand new vehicle with all the latest technology and performance features, leasing is likely a good choice for you.

Should I Buy or Lease at Covert Chrysler Dodge Jeep Ram?

Whether you lease or buy a car, the Covert Chrysler Dodge Jeep Ram finance center is here to help you every step of the way! When you’ve decided if you should buy or lease, check out our car-buying tips to get even more useful information on how to make the process easy.

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