Should I Buy or Lease?

Whether you’re considering a new or certified pre-owned vehicle for your Branford drives, you might ask, “Should I buy or lease my next car?” This is an important decision, and you need to consider every avenue when working with your planned budget or needs.

At Executive Jeep, we know that car buying can be a very time-consuming process, and simplifying everything is important. In the following guide, we’ll compare leasing vs. buying so you have a better sense of what’s involved. Keep reading and don’t forget to check out online inventories!

Leasing vs. Buying a Vehicle

“Should I buy or lease a car?” Before answering this question, it’s important to summarize what each entails for your wallet and budget.

Leasing a Car Around New Haven

When you lease your vehicle, it’s similar to renting a car under a long-term contract. During this period, you’ll be locked into monthly payments for the entire duration of your lease. 

Buyers who choose this option won’t be able to build equity as they would from outright buying the vehicle. You are paying for the ability to use your car for a specific timeframe and the agreed-upon mileage between you and Executive Jeep. When the car lease ends, you can trade your vehicle in, replace your leased option with another one, buy your current car, or end the lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You will have smaller down payments when you lease a car in North Haven
• Worry-Free Maintenance: Many Jeep, Wagoneer vehicles will come with a three-year lease, and most service repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you can return your vehicle to our North Haven dealership. If you’ve exceeded the agreed-upon mileage or there’s some wear and tear, you will have to pay fees.
• Get a New Jeep, Wagoneer Every Few Years: Returning your vehicle every few years means you can get the latest models and newest tech every so often.

Cons: 

• Mileage Requirements: For those who have exceeded the agreed-upon mileage, you will end up paying fees.
• Constant Monthly Payments: You must maintain your monthly payments throughout the lease period to keep ownership of the vehicle.

Pros and Cons of Buying a Car

Pros:

• Ownership: Once you finish your monthly payments, you will own the Jeep, Wagoneer vehicle outright. If you decide to sell it off or trade it in, you can do so, without issue.
• Full Vehicle Customization: While leases have rules about what can be done with your vehicle, owning your model means you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car around Milford means lower monthly payments for the same vehicle you might want to buy.
• Rapid Depreciation: New cars will lose between 15% and 50% of their total value in the first five years. Returning a leased model means not having to worry about any depreciation.
• Larger Down Payment: When buying your vehicle, you will have to make a larger down payment to do so. Leasing your model means you will have less chance of this occurring.

Buy or Lease Your Next Jeep, Wagoneer with Executive Jeep

For those asking, “Should I buy or lease a car?” all we can say is that the choice is yours. Now that we’ve compared leasing vs. buying, check out our new and pre-owned vehicle specials to see what catches your eye.

We know that car-buying requires a lot of research, so use our vehicle finder service if you can’t decide on a specific model. Find your next car near Branford at Executive Jeep!