All About Auto Leasing

Buying vs. Leasing: What are the Benefits in Rome, NY?

During the process of searching for a new Chrysler, Dodge, Ram, or Jeep brand vehicle, eventually you'll be faced with this decision: should you buy or lease? Both are great options with their own distinct benefits, and we want Rome, Oneida, Utica, New Hartford, and Clinton drivers to understand them.

Benefits of Buying

  • Though monthly payments are larger when you buy a vehicle, the first benefit is obvious: you own your vehicle and gain equity!
  • When you've paid off your loan, monthly payments end.
  • Because you own your vehicle, there are no mileage limits, and you can alter it in any way.
  • You are free to resell or trade in your vehicle at any time. And because it's yours, you keep the received cash value.
  • Buying is the best option for those who love to drive their vehicle for a long time.

Benefits of Leasing

  • When you lease, the dealership actually maintains ownership of the vehicle. Because of that, you don't pay full price but only the value depreciation during the term of your lease.
  • Monthly payments tend to be lower on a lease because you're not paying full price.
  • Maintenance is generally covered under warranty for the entire lease term.
  • Limits on mileage, alterations, and wear and tear apply on a lease, and can result in additional fees if exceeded.
  • When your lease ends, you have the option of upgrading to a brand new vehicle by signing a new lease!
  • Leasing is the best option for those who love to drive a new vehicle more often.

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When Your Lease Ends, What Are Your Options?

Leasing is a great finance solution for many Rome drivers. But when your lease comes to an end, it's important to understand all of your options. Victory Chrysler Dodge Jeep Ram wants to share a few of the most popular lease end options that Oneida, Utica, New Hartford, and Clinton drivers choose.

Sign a New Lease and Upgrade to a Newer Model

When your lease ends, simply bring your vehicle back to Victory Chrysler Dodge Jeep Ram for a hassle free return process. Additional fees may apply depending on mileage overages or excessive wear and tear, but those fees can be avoided by taking good care of your leased vehicle. The best part is that you can upgrade to a brand new model by signing a new lease!

Purchase Your Vehicle

Many times, drivers simply fall in love with their leased vehicle and don't want to let it go. If that's the case, you can purchase your vehicle when your lease ends for the residual value. The purchase price will be based on its current value, not the original new vehicle price.

Re-Lease Your Vehicle

If you want to keep driving your vehicle but don't want to purchase it, you can re-lease your vehicle. Monthly payments will generally stay lower than if you buy it, but you might see a higher interest rate because lenders consider a used vehicle lease to carry more risk. However, depending on your situation, you might find that taking the higher interest rate is still more affordable because of the lower monthly payments.

Extend Your Current Lease

Not sure what to do? It's okay, you may be able to extend your current lease to give yourself more time to decide on a long term solution.

These are just a few of the options available to you. Learn about all of your options by contacting our helpful finance team today! Do you have more questions? The helpful finance team here at Victory Chrysler Dodge Jeep Ram are happy to answer them, and walk you through every step of the finance process. For now, come see us for a test drive!