Should I buy or lease a car? Is buying or leasing a car better? Are there benefits to buying vs. leasing a car? These are likely the top three questions you’ve asked yourself while hunting for a new vehicle, and for good reason. A new vehicle is a major investment, and if you’re going to budget for car payments, you should make sure you get your money’s worth when deciding how to pay for your next ride.
There are unique benefits and drawbacks to financing or leasing a car, truck, or SUV, and you should have all the knowledge available before heading to a Kansas City Chevy dealership to sign on the dotted line. Fortunately, we’ve compiled this quick and easy guide to go over the pros and cons of buying vs leasing a car. Read on to find out which path is right for you.
The Benefits of Chevy Financing
Financing is another word for purchasing a vehicle, getting a car loan, and paying it off over time. One of the biggest benefits of buying a car vs. leasing is that you can customize it to your heart’s content. You can choose available options and packages at the dealership, and you can install aftermarket accessories, like a different sound system, at any point. It’s your car, you can do what you want!
You won’t have to deal with mileage restrictions like you would when you choose a car leasing option, so if you like to take road trips, purchasing a vehicle is the way to go. You also can sell your car at any point, though with the loan, you’ll want to make sure that you get enough from selling or trading in to pay off the loan, or else you’ll pay the difference. The last big benefit to financing a Chevy is that you build equity.
The Downsides of Chevy Financing
The first downside of Chevy financing is that once the warranty runs out, all repairs are your responsibility. You can drive the car into the ground, but most people depend on their vehicle, and it’s ill-advised. While it’s a perk that you can sell your car, truck, or SUV at any time, you’ll also need to vet potential buyers and do some research into maximizing your trade-in value. Lastly, the monthly payments for your vehicle will be higher than if you leased the same vehicle. This is because you’re paying the entire value of the car over the term of the auto loan, but again, once it’s paid off, it’s all yours. The downside of financing a vehicle comes down to expenses and budgeting properly, but it is possible when you work with your local Chevy finance center to get the lowest APR terms.
The Benefits of Leasing a Chevy
When you opt for a Chevy lease, the first benefit you’ll notice is the lower monthly payments. Because of how Chevy lease terms work, you can often get a much nicer vehicle with attractive options for the same price as purchasing a more basic, entry-level Chevy vehicle. You also won’t need to pay much, if any, price in the form of a down payment like you would when financing a Chevy.
If you choose to continuously lease vehicles, usually in 36-month-long contracts, you’ll always drive the latest and greatest models equipped with new tech and safety features. There’s also no need to worry about selling or trade-in values because once your contract ends, you return the vehicle to the Chevy dealership. If you always want the latest toys in your vehicle and don’t drive too much, leasing is the right move. Lastly, big repairs that come up will be covered by the manufacturer’s warranty, and some lease deals include complementary maintenance.
Note: There are often Chevy lease deals you can take advantage of to save even more money.
The Downsides of Leasing a Chevy
When you lease a Chevy, you are a little limited in what you get. Whatever the dealership has on the lot is what you can choose, though you may not be able to add any extra options, and you especially can’t add aftermarket parts. You need to return the vehicle in good condition (aka: do not miss scheduled maintenance), effectively having it look and run the way it did when you drove it off the lot with minimal wear and tear.
Speaking of driving, you’ll have to watch how much you drive to not go over your mileage limit; otherwise, be ready to pay fees. Lastly, if you continue to lease vehicles, you’ll likely find that during the time it would have taken you to pay off an auto loan, you’ll have put more into monthly payments for a lease than the whole value of financing a Chevy.
Find Your Next Chevy Today
Still have questions about whether you should buy or lease your next Chevy? Head down to McCarthy Chevrolet Overland Park to speak with our team. We’re happy to help you determine if a lease or Chevy financing is the right decision. Contact us today to learn more and to schedule a test drive of the Chevy vehicle you have your eye on!
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