Auto Financing Options: Should I Lease or Buy My Next Car?

 

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Hudson Chrysler Jeep Dodge RAM

625 Route 440
Directions Jersey City, NJ 07305

  • Sales: (877) 662-5490
  • Service: (877) 308-9721
  • Parts: (877) 355-4672

Hours

  • Monday 9:00am-9:00pm
  • Tuesday 9:00am-9:00pm
  • Wednesday 9:00am-9:00pm
  • Thursday 9:00am-9:00pm
  • Friday 9:00am-9:00pm
  • Saturday 9:00am-8:00pm
  • Sunday Closed

Is a Car Lease or Auto Loan Best?

Once you have decided on the right new vehicle for you, you need to decide if you're interested in buying or leasing. Each option has its pros and cons, and neither is strictly better than the other. Buying or leasing depends on several factors; each one is right for a different kind of driver. Here is a quick rundown of the difference between the two.

Buying a Car

  • Once you fully pay off the loan, the vehicle is yours. You can modify it however you want.
  • You pay for the full cost of the vehicle
  • You can drive your vehicle as much as you want
  • A financed vehicle helps you build equity
  • You can use the vehicle as a trade-in for your next model

Leasing a Car

  • You pay for the projected value depreciation over the course of the lease
  • Lower down payment and lower monthly payments than buying
  • Leasing has yearly mile limits, and you pay for each mile you drive over the limit. If you plan on driving a lot, leasing might not be the right choice
  • Leases are almost always less than the warranty plan, so you're covered on the go
  • Leasing lets you drive the newest models on a budget
  • Once the lease is up, you can lease another model, buy the leased model at a reduced cost, or even just walk away

Any Questions on Auto Finance Options in Jersey City?

If you have any more questions about the differences between car buying and leasing, or about which option is right for you, we're here to help you out. Give us a call at (877) 600-2949 to get in touch with one of our specialists, or come ask us in person here in Jersey City, NJ. At Hudson Chrysler Jeep Dodge Ram, we proudly serve drivers from all over the Bayonne, Hoboken, Newark and lower Manhattan areas. We can't wait to help you too.

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