Buying vs. Leasing – What’s the Difference?
If you’re like most folks in Medicine Hat shopping for a new vehicle, then there’s a good chance that you’re working on a budget. This means you probably won’t be paying for your new car up front. Instead, most people who shop here at Standard Jeep Ram will choose to finance or lease their new vehicle.
Benefits of Buying
Many people who come to our dealership from Medicine Hat and the surrounding areas want to finance their vehicle. There are a variety of different advantages, including:
- Ownership – Each monthly payment you make on a financed vehicle is helping you build equity. By the time you finish paying off the vehicle – usually 36, 48, or 60 months – you’ll own the car outright.
- Customization – When you own your car, you can do what you want with it. Add a custom paint job, put in a custom stereo system, or install performance-enhancing equipment. You won’t be penalized for making it your own.
Benefits of Leasing
The other option is to lease a vehicle. With this option, you borrow the car for a period of time and have the option to purchase it or return it when the lease term is up. There are also a variety of different advantages to leasing as well:
- Affordability – In general, vehicle leases come with lower down payments and lower monthly payments. This means that you can afford to drive a nicer vehicle for less, while keeping more money in your account every month.
- Newest Features – Leases usually come with shorter terms than financing plans, usually 24 or 36 months. This means that as soon as your lease is done, you can bring it in and get a new lease on a vehicle with the latest technology, performance, and design features installed.
Explore Your Finance Options at Standard Jeep Ram
Which is the better option for your next car? Visit Standard Jeep Ram to take a test drive and chat with our finance staff about the differences between financing and leasing, what gap insurance covers, and anything else you’d like to know. Contact us to learn more or visit our showroom in Medicine Hat.