Thursday, July 30, 2015

Buy or Lease a New Car?: Some Insight

Buying a new car is an exciting time, but often the financial logistics of such a big purchase can hamper your enthusiasm. At Melloy Dodge, we strive to provide top notch service, and give our customers an honest assessment of the vehicle that’s right for them, and how to pay for it.

Something that we are asked quite frequently is: should I buy or lease this Dodge? The answer isn’t as straightforward as most buyers would like, but instead, depends a lot on lifestyle factors, budgets, and personal preferences.

Here, we’ve outlined some of the advantages of both options, and things to consider when making the decision. Of course, Melloy Dodge is staffed with experts who can provide you lots of guidance on a new car purchase, so don’t hesitate to stop in or call with questions!

It usually costs less up-front to lease rather than purchase a new Dodge or Ram truck. When leasing, initial costs usually include the first month's payment, a refundable security deposit, taxes and registration fees, with a smaller down payment.

Early termination (selling or trading it in on your timetable) and the amount of miles you drive are more flexible when you own the car instead of leasing. Most leases limited the number of miles you drive per year, usually 12,000 or 15,000. If you exceed those miles at the end of the lease, there can be hefty fees.

Monthly payments are usually higher when your purchase rather than lease. Under the purchase, you are paying off the entire cost of the vehicle, usually in a term from 4 to 7 years, as well as the finance charges, taxes and fees. The payment on a lease on the other hand, includes the depreciation on the vehicle only during the lease term, interest (or rental) charges, taxes and fees.

If you are considering a lease because credit issues might limit your ability to get financing, please see one of our finance managers at Melloy Dodge, or use our payment calculator. We often work with buyers who do have some credit challenges, and find them a reasonable interest rate on a car loan so they do get equity in the vehicle as well as repair their credit through regular payments. We also offer an easy and secure online finance application.

Whether you're looking for a new or used car or truck, or to lease a new vehicle, stop at Melloy Dodge on Coors, just north of Paseo del Norte in Albuquerque, or call us at 505-843-9600. We've been serving car buyers since 1955.

Vehicle Safety Versus No Car Payment

Today, the average age of a vehicle on the roads in the United States is 11.5 year old, according to IHS Automotive. The average age of cars and trucks has risen steadily since IHS Automotive began tracking it in 2002.

While it’s nice to not have a car payment, owners of older vehicles are trading off the advanced safety features as well as increased gas mileage available in today’s new models. A new car or truck sold today is estimated to have a 6.5 year length of ownership before the owner trades it in; during that length of time, many industry advancements happen in the automotive industry.

For example, models like the Dodge Charger and Challenger now have available Blind Spot Monitoring to assist in safer lane changes. If a vehicle is detected in the blind spot zone, a warning icon illuminates on the exterior side mirror and a driver-selectable audible chime sounds.

At Melloy Dodge, our Dodge and Ram models also have available Rear Cross Path Detection to help you back out more confidently. When you shift into reverse, the sensors scan for people, vehicles and objects crossing your path and alert you with a lighted icon and driver-selectable audible chime.

There’s no rule for how long to own a vehicle, and many older models can easily go 200,000 miles or more. But older vehicles are missing two key safety features introduced in the last decade: electronic stability control and side curtain air bags.

Other models, like the 2015 Dodge Durango, are loaded with the latest technology for safety and comfort. The Durango offers 60 standard and available safety features, including Available Adaptive Cruise Control which automatically adjusts your speed to maintain a safe distance from the car in front of you.

The Dodge Dart, a great model for a family or first-time buyer, starts at under $20,000. Yet it includes 10 standard air bags, and available features like the rear back-up camera, blind spot monitoring and rain-sensing wipers. The Dart also gets up to 41 mpg on the highway, saving you money at the gas pump when compared to older, less fuel-efficient models.

For those considering if it’s time to purchase a new car or truck or continue driving your current (and possibly paid off) model, do take into consideration the advancements in safety and fuel-efficiency in today’s new vehicles. If we can show you some of the included features in Dodge or Ram trucks, stop by Melloy Dodge on Coors, just north of Paseo del Norte in Albuquerque.

Wednesday, July 29, 2015

Is Your Vehicle Under Recall? How to Find Out.

Every manufacturer of automobiles occasionally has recalls, as their cars and trucks are put into day to day use. Some recalls can be for very minor issues, while others may be quite serious and need to be promptly addressed by the manufacturer’s authorized service center.

In July 2015, Fiat Chrysler Automobiles (FCA) announced a recall of several models, including older models of the Jeep Liberty and Grand Cherokee, late-model Ram and Dodge Dakota pickup trucks, the 2009 Chrysler Aspen SUV and 2009 Dodge Durango SUV.

At Melloy Dodge, we have received a number of phone calls from Dodge and Ram owners in New Mexico. Owners of the Dodge and Ram vehicles affected by the recent recalls will be notified by mail by FCA (Fiat Chrysler Automobiles) in the next few weeks with details on the FCA buyback offer for certain vehicles. If you have moved since the purchase of your vehicle, or if you do not receive that information, use the online tool at to enter your VIN and determine if your car or truck is affected.

That website is helpful to research any vehicle that has had a recall on it.

If you have questions in the meantime, please stop by Melloy Dodge Service Department to speak with a service advisor. More information is also available on the Ram or Dodge websites.