The Jeep Grand Cherokee is widely regarded as the most-awarded SUV model ever, so it’s really no wonder so many drivers choose this vehicle when getting their next vehicle. But even if you already know you want to get behind the wheel of a Grand Cherokee, there’s still another important decision left to make: Should you lease it or buy it?
Here are some considerations to keep in mind when comparing the finer points of leasing versus buying a Jeep Grand Cherokee.
What to Know About Leasing a Jeep Grand Cherokee
Jeep Grand Cherokee lease deals allow drivers to pay to use the SUV for a few years, then return it — or buy out the contract if they really love it. This allows drivers all the amenities of a new car without having to deal with the depreciation over its full lifetime.
Understanding the leasing process ahead of time will help you avoid any surprises, including these key points to expect if you lease a Jeep SUV.
Monthly payments tend to be lower than financing
Many drivers appreciate the lower monthly payments that can come with leasing thanks to only having to pay for the vehicle’s depreciation in value during the lease term.
Your lease will set mileage restrictions
Whether or not you’re a strong candidate for leasing depends partly on how much you plan to drive.
If you use your Jeep Grand Cherokee primarily as a daily driver to get to work and run errands, the mileage restrictions spelled out in an average lease may be no problem. Leases often stipulate somewhere between 10,000 to 15,000 miles as the annual limit, after which drivers will have to pay an overage fee per mile that can really add up fast.
If you’re already thinking about how many cross-country road trips you can fit in a calendar year, or if you plan to drive your Jeep Grand Cherokee more miles than the average person, then leasing may be restrictive. Another option is trying to get the mileage cap increased before finalizing the agreement to avoid having to pay those back-end fees.
At the end of the lease you will return the vehicle or buy it
After a few years with your Grand Cherokee, you will return it. The alternative is buying the vehicle based on its residual value — how much it’s worth at the end of the lease — a figure the car dealership will provide to you before you even sign the original lease.
What to Know About Buying a Jeep Grand Cherokee
Buying, like leasing, has its own slew of upsides and downsides.
How you handle maintenance and customization is up to you
Buying your Jeep gives you the most freedom over how you handle its maintenance as well as exactly how you customize your ride. Given many Jeep owners have so many options for how to modify their SUVs, this is a major factor. Leases, on the other hand, often stipulate exactly how and when drivers must handle routine servicing and limit the amount of customization allowed.
The SUV is yours once you’ve repaid your loan — for better and worse
Once you’ve paid off the last penny of your loan, your Jeep Grand Cherokee will be all yours. This can be majorly advantageous if you’re able to drive it for additional months or years without making payments on it. Furthermore, you get to pocket the proceeds when you sell it.
The other side of owning a car for years is that you’ll likely have to invest in repairs a few years in. Whereas most leases fall under the vehicle’s warranty, meaning major issues are covered, drivers who buy their vehicles often have them long enough to expect maintenance expenses down the road.
There’s no doubt the Jeep Grand Cherokee is a compelling SUV with lots of leasing and purchasing options available.