To buy or lease a Jeep, that is the question. There are compelling reasons to consider both these financing methods on the road to getting the keys to your dream SUV.
Now, some drivers may know right out of the gate they want to buy — especially if they’re going to be taking long road trips in their Jeep, or plan on seriously modifying it. Yet others may want to buy because they like to drive a car for as long as possible. In scenarios like these, getting an auto loan makes perfect sense.
But many other drivers may find leasing to be the most suitable option for them at this time. Here are just six of the many reasons to seriously think about leasing a new Jeep.
1. Get More Jeep for Less Money
Leasing can help drivers afford models and trim levels they may not be equipped to buy.
Put it this way: When you compare leasing versus buying a similarly priced car, leasing is almost always going to cost less. So, you have the option of either enjoying those lower monthly payments or upgrading to a more luxurious option for around the same monthly payment you would have had on the less-lux SUV had you bought it.
Car experts often call this getting “more car” for your money.
2. Don’t Sweat Depreciation
Why do lease payments tend to be less? Because you’re only paying for however much the vehicle depreciates over the course of the lease, typically two to three years. Buying a car means you’re paying the total cost of the car while shouldering the burden of depreciation over the years.
3. Remain Under Warranty
Jeep leases tend to include a certain amount of warranty protection. Leasing a new Wrangler for a couple years means any repairs needed during that timeframe are likely covered under the manufacturer’s original warranty. Buying a Jeep means potentially having to pay out of pocket for repairs if they occur after the warranty has been exceeded.
4. Upgrade Your Jeep Sooner
Some people like to drive an SUV for as long as they possibly can before it’s time to trade it in. Others enjoy the ease and thrill of getting out of one model and into the next every few years. If the latter sounds appealing to you, leasing may be a better fit than purchasing your next Jeep.
5. Skip the Big Down Payment
The rule of thumb when buying a car has long been to expect to put down about 20 percent of the value of a new vehicle at signing, or 10 percent for a used car. Many drivers don’t have $5,000 or more in cash ready to go at a moment’s notice — and saving up enough for a down payment may take months.
Jeep lease deals oftentimes eliminate this barrier by requiring either a lower down payment or no down payment at all, depending on your credit standing and other factors.
6. Take Advantage of the Latest Tech
Another upside to upgrading your SUV more often is taking advantage of the latest technology — like infotainment and safety features. If you a buy a car, you could have to wait five or more years before getting to experience the latest tech. Leasing helps you stay on top of features like Apple Carplay, available Wi-Fi hotspots, available Amazon integration and many more.
Buying a Jeep is one way to go about adding a rugged SUV to your driveway or garage, but it’s not the only way. Taking advantage of lease deals can help you achieve lower monthly payments, stay under warranty and trade in your Jeep after a few years.