Should I Buy or Lease?

a car owner figuring out if they should buy or lease
When the time comes to drive off in a new or used Chevrolet model, you must first decide whether buying or leasing is the right financial move for you. You may be asking yourself, “Should I buy or lease?” The answer to this question depends on a few factors. Learn more about the benefits to both buying and leasing with our Quality Chevrolet finance team before you get the process started on your favorite model.

 

 

Leasing vs. Buying: Long and Short-Term Costs

  • Leasing offers lower monthly payments off the bat, all other things being equal. You’ll also spend less on taxes and down payments. However, if you start a new lease every few years, your payments won’t change much over the years. However, you won’t have to worry about escalating service or repair costs.
  • Financing gives you a chance to eliminate your monthly payment entirely, and buying used is often more affordable than leasing new. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs tend to grow as a vehicle ages.

The Bottom Line: Most drivers tend to keep their vehicle for an average of three years, and enjoy keeping up-to-date with the newest technology. If you’re the same, you’ll likely prefer leasing versus buying.

Leasing vs. Buying: Mileage & Restrictions

  • Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
  • Those who lease their vehicles will have to stay within certain strict boundaries, or pay a fee when their lease term comes to a close.

The Bottom Line: If you tend to have a shorter commute, a lease will be suitable for your needs. If you often take longer road trips on the weekends, financing will be a better fit.

Leasing vs. Buying: Total Ownership and Customization

  • When you buy a vehicle (or finance its full cost), you can add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose, although doing so may void your warranty.
  • When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it after it leaves your hands.

The Bottom Line: Though off-roading isn’t popular with everyone, if you’re interested in a performance-enhancing drive, leasing isn’t a great option for you.

Leasing vs. Buying: Freedom, Options, & Processes

  • Financing offers flexibility. You’re locked into a contract, but you can sell or trade in the vehicle at any time (provided that the vehicle is worth more than you owe). You may also be able to refinance for a lower rate down the line. And of course, the vehicle is yours to keep for as long as you like.
  • Leasing is easy and convenient. Just take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. You might also have the option to buy out the lease and bring your leased vehicle home for good.

Explore Leasing and Financing Options at Quality Chevrolet

Ready to get behind the wheel of a new or used model from our inventory? Contact our finance team for help, learn about how car financing works, or get the financing process started online today! We offer plenty of leasing and financing specials as well for additional savings. Are you looking to lease a vehicle and your credit isn’t so great? Learn about if it’s possible to lease a car with bad credit with our finance team! If you have questions, want to learn about CPO vs used models, and more, please contact our team.

 

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1550 Auto Park Way
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