Differences Between Buying vs. Leasing in Chicago, IL

Auto finance loans and lease plans have their benefits and drawbacks depending on your financial situation and day-to-day needs. Factors such as credit score, preference to own a car, and maintenance costs should be considered when deciding whether to lease or finance a new vehicle from Midway Dodge in Chicago. To get a better understanding of whether an auto lease deal or finance plan is right for you, continue reading.

Buying vs. Leasing a Dodge or Ram in Chicago, IL


After reading the advantages and disadvantages of buying and leasing a new car, contact the team at our Dodge dealership at (888) 416-9124 if you have questions.

Leasing Advantages

  1. Your monthly payments will be lower. When you lease a car, truck, or SUV from our Chicago dealership, you're only paying for the residual value of the vehicle instead of its total cost.
  2. Auto maintenance costs won't come out of pocket. A brand new Dodge comes with a bumper-to-bumper warranty that you will reap the full benefits of. The entire time the vehicle is in your possession, repairs and auto maintenance work won't strain your wallet.
  3. Get a higher trim package and enjoy the latest in technology features. Dodge is constantly finding ways to make your driving experience better than the last. Technology such as Bluetooth® hands-free calling and an advanced rearview camera system could be yours every few years when you lease from Midway Dodge in Chicago.

Leasing Disadvantages

  1. You will not gain full ownership. When you've reached the end of your lease term, you return the car to Midway Dodge and walk away, purchase it, or lease another vehicle.
  2. There are mileage and customization restrictions. Adding aftermarket parts and exceeding your contract's mileage restrictions, usually limited to 12,000 miles a year, will result in fees and penalties. That includes any excessive wear and tear to the cabin or exterior.
  3. If you have poor credit, it can be difficult to be approved for an auto lease. Lease deals are typically reserved for people with a credit score over 700.
 

Buying Advantages

  1. You will gain full ownership by the end of your auto finance plan. Since you're paying for the entire cost of the vehicle, when you make your final loan payment, the vehicle will be yours.
  2. It's more cost effective long-term. Instead of paying for a new deal every three years, purchasing one vehicle that will last you 10 years or more is more cost effective.
  3. You have more freedom. Do you want to take a cross-country road trip? Do you want to add a premium speaker system? Do you want to have the option to sell your car? There's nothing stopping you since you're the owner.

Buying Disadvantages

  1. You will need to make a larger down payment. Paying ten percent of the MSRP of the model you're buying could cost more than upfront costs for lease deals.
  2. You have a depreciating asset. Cars decrease in value as soon as you drive off of the lot, meaning you lose money if you decide to resell it.

Why Buy or Lease at Midway Dodge

Whether you have poor or outstanding credit, our Dodge dealership will work with you to find an auto finance or lease plan that fits your budget. Learn more about your options today by speaking with a team member at Midway Dodge in Chicago by calling (888) 416-9124. Don't forget to ask about our new vehicle specials to see if you qualify for savings!

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