Buy vs Lease near Chicago, IL

If you’re currently trying to figure out the best route for you to get behind the wheel of a quality vehicle, you’ll generally end up at a crossroads when it comes to whether you should buy or lease. While both types of plans have benefits, one might suit you better depending on what you’re looking to own or lease. Today, we at Berman Chrysler Dodge Jeep Ram would like to fill you in on the basics of both plans so that you can make a more informed decision.


Put, buying your vehicle leads to ownership. Since this is a more significant purchase that few people can cover in one lump sum, most individuals take out a loan to cover the cost. That being said, you’ll still be on the hook for a down payment and will have to commit to a long-term financing contract that has you contributing added interest. On average, agreements last between four and seven years, but this can change depending on the vehicle you select, the size of your initial installment, and the length of the contract. When you reach the end, you’ll be the proud owner of a car and won’t have to make any more payments.


On the other side of the fence is leasing. Our Finance Department would describe this type of plan as similar to borrowing since you’ll only have your chosen ride for a temporary amount of time. While leases can last as long as four years, you can opt for an agreement that’s just two years in length if you prefer. Additionally, your monthly rate will be calculated based on the expected depreciation and not the sticker price, so you can expect to pay less in the short term. We can’t forget to mention that leases offer a lot of versatility since they can end in many ways. You can purchase your car if you’re not ready to let go yet. Or, you can find another set of wheels on our lot that fits your situation better. Moreover, you’re welcome to walk away with no questions asked!

Which Should You Choose?

Now that you know the basics, it’s time to weigh buying and leasing against one another. If you eventually want to own a vehicle, buying is a no-brainer. However, it’s also possible to lease a ride first as a trial run before rolling the agreement into a financing contract. This gives you added flexibility but might cost more in the long run. Buying also means you can sell your car in the future and recuperate some of the money you put into it. Leases are an excellent choice for folks who like to be in the latest and greatest rides as frequently as possible. It also provides an avenue for individuals without a down payment put away to enjoy autos that might otherwise be out of their financial reach.

For more information regarding whether to buy vs. lease near Chicago, contact the team at Berman Chrysler Dodge Jeep Ram by calling 708-290-7345 today. We can’t wait to get to work on your behalf!

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