Should I Buy or Lease My New Car?
Should I Buy or Lease My New Car in Valdosta, GA?
Choosing between buying or leasing a new car doesn’t have to cause a headache! Here at Griffin Chrysler Dodge Jeep RAM Valdosta, we’ve compiled all the information you need to make a solid decision that fits within your financial situation. Additionally, we streamline the process by offering an online pre-approval form and payment calculator, so you can get the tedious work out of the way before you even step foot in our dealership! Once you’re equipped with your personal monthly budget and spending power, you’ll be ready to get behind the wheel of a new car with a comprehensive financial plan. Ready to hit the gas pedal? Continue reading to discover whether purchasing or leasing a new vehicle is the right choice for you!
How Do Car Loans and Leases Differ?
| Loan | Lease | |
|---|---|---|
| Path to Ownership |  |
 |
| Upfront Costs |
Cash price or a down payment, taxes, registration, and other fees. |
First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees. |
| Lower Monthly Payments | |
|
| Customization Allowed | |
|
| Covered Under Warranty | |
|
| Future Value |
All vehicles depreciate, but you’ll have equity when trading or selling. |
The future value doesn’t affect you. |
| Unlimited Mileage | |
|
| Fees for Excessive Wear and Tear | |
|
| Fees for Early Termination | |
|
| End of Term |
You’ll have full equity to do what you want with the car. |
Purchase the vehicle, or buy or lease another car. |
| Vehicle Return |
Sell or trade. |
Return the vehicle at lease-end and pay any applicable fees. |
Why Purchase a New Car?
Get ready to experience ultimate freedom when you buckle up in a ride that you purchased! Once your car is paid off, no matter if you bought a Chrysler, Dodge, Jeep or RAM model, it is yours to do with as you please since you’ve accumulated equity through your monthly payments. A perk to owning your vehicle is that you won’t be restricted by fees or mileage limitations. Plus, your ride will come with a limited car warranty. Feel free to upgrade any feature within your vehicle such as the audio system or exterior accessories you fancy. Ready for an upgrade? You can sell or trade in your ride and get behind the wheel of one of our newest models at a fantastic price! While these are all great perks to purchasing your car, you want to keep in mind the potential cons such as higher monthly payments and eventually expired warranties (which means all repair costs are your responsibility).
Why Lease a New Car?
With the rise in new car prices, leasing is a very attractive option for many people. Leasing gives you the opportunity to attain a new ride with lower monthly payments. Sit back and relax since you’ll be driving your leased model during the most trouble-free time of its life since lease terms generally last up until the end of the limited new vehicle warranty period. Once this term comes to an end, you have the choice to either return your ride to our dealership or pay any lingering fees and decide which model you want to lease next! While leasing is an affordable and appealing option, consider the cons that come with this choice as well. You’ll have mileage limitations, no customization capabilities, and fees for wear and tear and early termination.
If you’re ready to be the proud owner or lessee of one of our new models, feel free to contact us or visit Griffin Chrysler Dodge Jeep RAM Valdosta at 4164 N Valdosta Rd, Valdosta, GA 31602. We look forward to serving customers near Thomasville, Douglas, Moultrie and Lake City.
Visit Consumer Reports’ page for more information on whether you should buy or lease.