Interested in Leasing A Jeep Wrangler? Here’s What To Know
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Known for its unique design and legendary off-road capability, the Jeep Wrangler is one of the most iconic vehicles that money can buy. If you’re interested in a Jeep Wrangler, you’re probably thinking about whether it’s better to buy or lease.
Of course, each option has its benefits and drawbacks. There’s not necessarily a correct answer because it all depends on your personal preference and financial situation. However, if you’re leaning towards leasing a Jeep Wrangler, you’ve come to the right place.
What can you expect from a Wrangler lease? What happens once your lease ends? Today, we’ll talk about the things you need to know when leasing a Jeep Wrangler.
What is a Jeep Wrangler Lease, and How Does It Work?
Many customers are apprehensive about getting a car lease mainly because they’re not familiar with how it works. When you get a lease on a Jeep Wrangler, you’re entering into a long-term rental agreement with your lessor (the party that owns the vehicle). Unlike a conventional rental, a lease allows you to use the car for one up to four years.
When you lease a Jeep Wrangler, your monthly payment will be calculated based on the vehicle’s depreciation cost - the difference between its current value and the value by the end of the lease (aka residual value), plus interest and other fees.
A typical lease agreement will include the following:
- Initial lease payment
- Duration of the lease (typical is 24-48 months)
- The current value of the car
- Residual value (estimated value by the end of the lease term)
- End of term fees
- Termination fee (in the event you return the vehicle before the lease ends)
- Mileage limitations (typical mileage cap is 10,000 to 15,000 miles per year)
- Normal wear and tear conditions and fees associated with excessive wear and tear
- What happens if you miss a lease payment
As you can see, a lease can be pretty restrictive, but you have to remember that you don’t own the vehicle. The dealership remains the car owner, and it’s your responsibility to return it in good condition.
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Why Should You Lease a Jeep Wrangler?
Although car ownership is out of the question when you lease, several benefits make leasing an attractive option:
- Lower monthly payments - Perhaps the most significant advantage of a Wrangler lease than straight financing is the lower monthly payments since you mainly cover the depreciation cost.
- Lower down payment - Compared to a car purchase, down payments are lower when leasing a Jeep Wrangler.
- Drive the latest Wrangler models - Nothing beats the smell of a fresh, brand-new car. If you enjoy driving the newest car models (even if you can’t afford one) with cutting-edge tech and safety features, leasing may be the right option for you.
- Manufacturer warranty coverage - In most cases, leasing a Jeep Wrangler will get you manufacturer’s warranty coverage for the duration of the lease. This means that unexpected costly repairs are less of a concern.
- No hassle with selling or trading - Since you’ll be returning the Wrangler to the lessor, you don’t need to worry about what happens to it. You’re done with it and can move on to your next Jeep of choice.
Questions to Ask Before Leasing a Jeep Wrangler
When leasing a vehicle, price isn’t the only thing you should consider. Ask yourself the following questions to determine if a Jeep Wrangler lease is right for you.
Do You Need to Drive as Much as You Can?
If you’re planning to use your Wrangler for long commutes or road trips, leasing may not be your best bet. As discussed earlier, one of the significant restrictions that come with a lease is the mileage cap. Depending on your terms, going over the cap will cost you a lot of money - typically $0.10 and $0.30 for every mile.
In addition, Jeep Wranglers are not precisely known for their fuel efficiency unless you’re planning to get the new hybrid Wrangler 4xe.
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Do You Plan to Go Off-Roading?
Of course, the Wrangler is known for its top-notch off-roading capabilities. Well, that’s not usually a problem if you’re purchasing the Wrangler via financing. But with a lease, off-roading in your Jeep Wrangler is ill-advised for apparent reasons.
Since you’ll be returning the vehicle at the end of the lease, you must keep the interior and exterior in good shape. The dealer will perform a wear and tear inspection on your vehicle, and if the vehicle’s condition is determined to exceed normal use, you could incur some expensive fees. There are wear and tear plans available, but they also come with a high price tag.
On the other hand, some folks love the look and feel of the iconic Wrangler. If you don’t plan on going off-road and simply want the quintessential Jeep experience, leasing becomes a viable option.
Do You Want to Modify Your Jeep?
From replacement hood latches to LED lights to lift kits, modding is almost a sport for many Jeep enthusiasts. Unfortunately, any type of permanent modification is a no-go if you’re in a lease contract. In some cases, mods are allowed as long as they can be removed easily at the end of the lease - so hold out on installing supercharger systems and permanent bodywork.
On top of that, installing mods may void the manufacturer’s warranty, and you could end up paying out of pocket if repairs are needed. If you want to add extensive modifications to your Jeep, you’re better off buying it.
WHAT TO DO IF A DEALER REFUSES TO CANCEL EXTENDED WARRANTY
Car buying can occasionally be frustrating, especially if you’re purchasing your vehicle through a dealership. We’re here to tell you how to navigate a situation in which a dealer refuses to cancel your extended warranty.
Should You Buy or Lease a Jeep Wrangler?
Now, this question is one for the ages. If you visit various Jeep forums and Q&A websites like Quora, you’ll find that most people are averse to leasing a Wrangler. To get the most fun out of your all-terrain Wrangler, it needs to be off-road to put its versatility and removable roof/door function to good use.
However, that doesn’t mean that leasing is completely off the table. There’s no doubt that leasing a Jeep Wrangler is a workable option, especially if you’re not planning to go off-road or add modifications.
As always, run the numbers to find out if it makes more sense to buy or lease a Jeep Wrangler.
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