You’ve decided on the vehicle you want, and now you’re faced with the choice to buy or lease it. As your CDJR dealer, we often get asked which is the better option. We want to help you, so we’re going to tell you more about both options to enable you can decide whether to buy or lease a car.
Buy a Car
When you buy a car, it becomes your property. You acquire its title, and if it’s paid off, you’re free to sell it, transfer it, gift it, or donate it as you choose. You can keep it for as long as you like, and you can also eventually use it as a trade-in for a newer model. Let’s take a look at some of the benefits of this option.
No Mileage Limitation
Since you own your car, you can drive it as often and as far as you like. The only caveat is that the more extensively you drive, the sooner your scheduled maintenance will be due. In addition, if you intend to sell your car in the future, it’s advisable to keep the mileage under 100,000 miles to maintain resale value.
If you lease a car, you have a monthly or yearly mileage limit. If you exceed your mileage limit, you pay extra costs above your lease payment.
No Modification Issues
You can choose to add any modifications or accessories you want that are legally allowed if you own a car. If you lease, you can’t make any modifications.
Lease a Car
When you lease a car, you sign a contract with a dealer for a car for a set period, which is usually two to five years. You can choose the model you’d like and any accessories. You make a monthly lease payment. At the end of the term, you can extend your lease, buy the car, or choose another vehicle to lease. Let’s look at some of the other benefits of a lease.
No Maintenance Charges
Regular services and maintenance can add up if you own a car, and you may have to budget. When you lease a car, maintenance and servicing are included in the cost of the lease.
Newer Technology
If you enjoy always having the latest technology, leasing is a good option. When your lease expires, you can choose a more advanced model with all the latest technology. When you buy a car, you will have to sell it to buy a newer model.
As you can see, there are benefits to both choices. If you’d like to know more, visit our finance department today at Courtesy CDJR in Altoona, PA.
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