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We are located at 21219 Northern Blvd and can be reached by phone at (888) 425-7294. Please contact us if you have any questions, want to schedule a service appointment, find out if we have a specific auto part, or for any other reason. We hope to hear from you soon!
A new report from Experian Automotive shows that the number of drivers choosing to lease is rising, but while it might seem economical in the short term, they could be spending thousands of dollars more in the long term.
According to the report, 28.4 percent of all new vehicles financed in the fourth quarter of 2013 were leases, and the average monthly payment for a lease was $420. By comparison, the average monthly payment on a loan was $471, only $51 more than a lease. Furthermore, average financing for a new vehicle was up to $27,430, the highest amount since 2008, and average financing for a used vehicle was $17,974.
With auto loans more widely available and financing amounts at record highs, why do consumers think leasing is a good idea? The New York Times attributed it to a "pay-as-you-go smartphone mentality." People think that a lease will give them more freedom and less commitment to a vehicle and loan. Also, there are lots of leasing deals available that seem like a better deal than taking out an auto loan.
Still, the numbers don't add up. Leasing is still far more expensive than buying a new or used car, and in the end, consumers making loan payments get to keep the car. Consumers opting to lease do not own the car. Jeff Bartlett, deputy automotive editor at Consumer Reports, was asked for his opinion on leasing by the New York Times, and he replied bluntly, "If you asked me what is the most expensive way to get a car, the answer would be: You only want to own it during its period of greatest depreciation and then move to another new vehicle. Well, that's what leasing is."
Are you ready to buy your next car but intimidated by financing options? Contact a sales rep at Bayside Chrysler Jeep Dodge. We have a wide selection of new and used vehicles to look at with competitive financing offered. Like us on Facebook and follow us on Twitter to see more financing tips and for special monthly offers.
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