Auto Loans vs Car Leases in Bloomfield Hills, MI

Leases

If you love the idea of flexibility, then an auto lease from Golling Chrysler Dodge Jeep Ram might make the most sense. With a lease, you won't be tied down to your car, meaning you can upgrade or change your vehicle every few years for the latest and greatest technology. You'll have an easier time trading in your vehicle, as once you're done with the contract, you don't have to continue to pay for your vehicle. You'll also see more financial flexibility, thanks to the smaller car payments and the smaller down payment required. Since you're not working towards ownership with a lease, you don't have to pay off the entire value of the car, which gives you more of an opportunity to choose a more expensive model or upgrade your trim levels. Leases also have great warranty options, which typically cover most maintenance related costs. However, it is important to note that car leases are contracts, so if you want to terminate your lease agreement early or you exceed the mileage limit, you might have to pay hefty fines.

Loans

Auto loans are a great way to work towards ownership. While payments might be more expensive than lease payments, once you've paid the last invoice, you officially own the car. When you're ready to sell it, you get whatever money you sell or trade it in for. Plus, when you opt for an auto loan, you'll never have a mileage limit. You'll have the freedom to take road trips, wherever you want to go. If you love to customize or personalize your vehicle then a car lease might be the better option. Not only can you upgrade to performance parts, but you can choose custom paint jobs without having to break a contract or agreement. However, you will be in charge of maintenance and repair fees since you'll own the vehicle outright. This allows you to repair the vehicle on your own and make modifications that suit your driving style.