Buying vs. Leasing a New Car in Billings MT

Compare Leasing vs. Buying

Billings drivers: Life offers up a wide variety of motivations that guide us to invest in a vehicle. Solo commuters need a durable and powerful ride to get them around Bozeman and beyond. Families need reliability, space, and tech features to make life that much easier to navigate. No matter your circumstances, you need a vehicle. Depending on your situation, buying can be a great choice, or leasing might make more sense. At Lithia Chrysler Jeep Dodge of Billings, we're here to help you figure out which option works best for you.

Leasing

Simply put, leasing a car is like renting a car, but for a longer period of time.

  • The length of your lease will be determined, and monthly payments will be made. A typical lease will last 36 months.
  • An annual mileage limit will be set. Drivers will have to calculate their potential usage before signing the lease, ensuring they've given themselves plenty of mileage. Be aware: a lower mileage limit can contribute to a lower monthly rate. Also, a down payment helps lower your monthly rate. The larger the down payment, the lower your monthly rate will be.

Pros of Leasing

If you're not interested in owning a vehicle and your automotive needs are short-term, leasing is the ideal option for you. Plus, it affords you the best in automotive performance and technology, as leases are typically offered with vehicles from the latest model year. Leasing allows you to pay a low monthly rate, gain the perks of the latest tech, and skip the dregs of car ownership.

Buying

If you want to own a vehicle and have the cash, buying a car outright is within your reach. For drivers interested in owning a vehicle but want to pay it off over time, financing is the way to go.

  • Buying a car outright ensures you have the highest quality vehicle possible. Simply find the right vehicle, and our sales team will guide you through the required paperwork, and you'll be on your way.
  • Financing is another path. Once you've found the ideal model for your needs, our finance team will determine a monthly rate depending on your credit score and down payment amount.
  • Lease agreements can vary from two to seven years, generally speaking. Consider the amount of debt you want to take on for that duration of time. Remember: a larger down payment will help offset the cost of your monthly payment.

The Pros of Buying/Financing

If you plan on using a vehicle for years to come, buying or financing is a great option. If you're in a stable living and employment situation, buying is a clear win. Leasing allows you to pay the vehicle off over time while you continue to save money.

Which should I choose?

Buying or financing your vehicle is a major life investment. This is the ideal option for those in stable living and housing situations with consistent employment.

Leasing is a rental and a short-term commitment. Leasing is perfect for those in a temporary living situation with a pressing need for an automobile. Leases can also be a fun extra vehicle if you have disposable income.

Visit our Dealership in Billings to Get Started

Now's the time to take advantage of our impressive New and Used Inventory at Lithia Chrysler JeepDodge of Billings. We have Jeep SUVs, Dodge sedans, and Ram pickup trucks ready for you to choose from. Learn more about buying, leasing, and financing when you chat with our sales and finance teams, waiting to help you take the next step in your automotive journey. Contact us today!

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