Is Leasing a Jeep Worthwhile?

You’ve already narrowed down your vehicle search to a Jeep. Now you’re getting down to the brass tacks: What’s the best way to pay for an SUV according to your lifestyle and budget?

There are two major ways to go about getting the keys to a new vehicle these days — leasing or buying. You may have even encountered drivers who have strong feelings about one option being better than the other.

Whether leasing a Jeep is worthwhile or whether buying makes more sense depends on a few factors. Keep reading to learn more about circumstances where leasing could be the way to go, as well as situations where buying may make more sense.

When Leasing a Jeep Could Make Sense

If one or more of these statements sound like you, chances are it’s at least worth considering going the lease route.

You want the newest, nicest model available.

Everyone cares about different things when it comes to the car they drive. If you’re someone who always likes to have the latest and greatest in tech, safety and design, then leasing can serve as a way to get “more car for the same monthly payment.”

How does this work? When you lease, you only end up paying for the percentage of depreciation that occurs during your contract – often three years or so. Your monthly payments are set using this amount of depreciation, so you don’t have to pay for the entire purchase price like you do when you buy.

When incentives make leasing a Jeep attractive.

There are certain times of the year when leasing can be extra tempting because manufacturer and dealer incentives are in full swing. For instance, you’ll tend to find lots of Jeep lease deals toward the end of the year when dealerships are preparing for the next model year to hit the lot. Holidays are also an excellent time to keep your eyes peeled for special offers.

You want to trade your Jeep in after a few years.

To some people, driving a car for a few years and trading it in sounds like the ideal hassle-free experience. Others want to own their car for years to come, whether for personal or financial reasons. Spend some time thinking about your own expectations for car ownership.

When Buying a Jeep Could Make More Sense

And when might buying make more sense?

You want to modify or customize your Jeep.

Off-roading enthusiasts often get Wranglers for the purpose of modifying them in some way — but drivers of all kind of Jeeps may want to customize their ride. Leases generally only permit reversible changes and will charge you for any deviation from the factory norms.

You plan to put lots of miles on your Jeep.

Are you a road trip aficionado? Do you drive a long way each day for work? If so, you may have trouble sticking to the mileage limits laid out in your lease agreement. You may be able to settle upon a higher limit up front, but it’s also worth considering whether buying would give you more freedom to cruise without worry of exceeding a mileage cap — after which you may be charge something like a quarter per mile.

You have money to put down at signing.

If you already have, say, 10 or 20 percent of the vehicle’s value ready to put down at signing, buying may be a more advantageous money move.

Leasing a Jeep can be worthwhile, but only if you ensure it’s the right situation for your needs and budget. There are also times when buying is a savvier choice.