Interested in Leasing A Jeep Grand Cherokee? Here’s What To Know
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Jeep Grand Cherokee are some of the most iconic SUVs on the road. They’re big, durable, and commanding on the highway, and durable enough to head into the mountains or take some off-roading adventures with ease. But just because you want to get into a Grand Cherokee doesn’t mean you need to buy one or hope one of your friends has one. Leasing a Jeep Grand Cherokee may be a great middle-ground option for some consumers, including you.
Here’s what you need to know to decide if leasing a Jeep Grand Cherokee is a good leasing option, the pros and cons of leasing, and some details you should pay attention to if you decide to get a lease agreement.
Let’s take a closer look.
Advantages of Leasing A Jeep Grand Cherokee
Leasing a Jeep Grand Cherokee comes with a range of different advantages, starting with the fact that you get to drive a Grand Cherokee. These SUVs are big, durable, and well designed for most situations. Despite the size, Grand Cherokees only have two rows of seats, which means that they’re a particularly comfortable car to drive or ride in.
Jeep Grand Cherokees are also relatively iconic and in-demand cars, which means that their prices often reflect that demand. Right now, that’s especially true because of the supply shortages that are causing supply chain issues for all vehicle manufacturers.
That’s important because it means that the price advantage for leasing Grand Cherokees is even more important than ever before.
Leasing also gives you easier access to the latest models of Grand Cherokee than buying. You can trade in a leased car for a new model every few years if you choose to, without the hassle of trading in or selling your current vehicle.
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When Should You Lease And When Should You Buy
Deciding whether to lease or purchase is a big financial decision. It’s not easy to decide which option would be better for you and your long-term finances, but there are some things you can use to help decide.
For one thing, think about how long you want to drive the car. If you want to lease a car for 3 years or less, leasing may be the better and more affordable option. If you want to own your car for 3 years or more, it may be better to buy your car, especially if you want to own it for at least 5 years.
Do you prefer the comforts of a brand-new vehicle or the security of a vehicle you own with minimal maintenance needs and no car payment? If you prefer a brand-new vehicle, leasing may be a good option for you. If you don’t mind driving a car for a long time and like that security, purchasing is probably the better option.
You should also consider tax implications. Both leasing and buying will have an impact on your taxes, but you’ll usually have less of a tax burden if you lease instead of purchasing.
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Are Jeep Grand Cherokee Good Vehicles To Lease?
Deciding whether a Jeep Grand Cherokee is a good vehicle to lease means thinking about a couple of different factors. For one thing, how long do you want to own the vehicle, and what do your finances look like. In the short term, leasing a Jeep Grand Cherokee is more affordable than buying.
However, at about the 4–5-year mark, owning a Jeep Grand Cherokee becomes the more affordable choice.
Leasing prices are pretty reasonable for Jeep Grand Cherokees right now. That means that you’re getting a pretty decent deal on your lease prices, averaging several thousand less per year than the average car payment on a Jeep Grand Cherokee. That means that leasing a Jeep Grand Cherokee is a reasonable option from a financial perspective.
Jeep Cherokees also have a reasonably high rate of value retention, which means that they aren’t likely to lose a lot of value unless you get into an accident or neglect the maintenance of your vehicle during the lease.
Maintaining value is important because it lowers the rate of your lease payments and means that buying the vehicle after leasing it for a while is a good option as well.
In terms of using a Jeep Grand Cherokee as a short-term vehicle, there are fewer advantages. Since this vehicle is large and relatively bulky even for its class, it’s also less fuel-efficient than some alternatives. The higher gas costs are offset slightly by more reasonable maintenance costs with most mechanics, but Jeep Grand Cherokees can be a relatively expensive vehicle to own and drive.
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What Should You Know Before Signing A Jeep Grand Cherokee Lease Agreement?
It’s important to think about some of the different clauses in your lease agreement before you sign. For instance, you need to know what the early termination fee is, if there is one, and how that fee changes as you get closer to the end of your lease.
But that’s not the only detail you need to be sure of before you sign a lease agreement. It’s also important to know what your mileage limits are under the agreement. 10k-12k miles is the average for most car leases for each term of the lease.
Right now, most Jeep Grand Cherokee leases are 12k, but there are some exceptions.
You should also look and see whether your leasing agreement is a closed or open agreement. Open agreements give you more flexibility with the end of lease costs, including the possibility of rebates in exchange for the possibility of higher fines and fees. Closed leases have a set amount that won’t change unless you violate the terms and get a fee, but you won’t have a chance of getting a rebate on the costs.
Final Thoughts On If Jeep Grand Cherokee Leases Are Worth It
Overall, leasing a Jeep Grand Cherokee is a good option for most consumers as long as you’re the kind of consumer that wants a leased vehicle. If owning your vehicle is more of a priority, or you don’t like switching vehicles very often, buying might be a better choice.
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