With a
purchase, you pay for the entire
cost of the vehicle, regardless of how many miles you drive each
year. You typically make a down payment, pay sales taxes in cash, and pay an
interest rate determined by the loan company, based on your credit history. You
make your first payment a month after you sign your contract. Later, you may
decide to sell or trade the vehicle for its depreciated resale value.
When you lease, you pay for only a portion of a vehicle's cost,
which is the part that you "use up" during the time you're driving
it. Sometimes, you have the option of not making a down payment, you pay sales
tax only on your monthly payments (in most states), and you pay a financial
rate, called money factor,
that is similar to the interest on a loan. You may also be required to pay fees
and possibly a security deposit that you don't pay when you buy. You make your
first payment at the time you sign your contract - for the month ahead. At
lease-end, you may either return the vehicle, or purchase it for its
depreciated resale value.
When making
a 'lease or buy' decision you must look not only at financial comparisons but
also at your own personal priorities - what's important to you.
Call us
today and let us help you make the best decision for your situation!
Visit our new website at www.LenStolerChryslerDodgeJeep.com!
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