Buy vs Lease
SHOULD YOU BUY OR LEASE YOUR NEXT CHEVROLET VEHICLE?
WHY BUY?
If you like to keep your car for as long as it has life, then buying is most likely for you. Buying or financing normally requires a higher month-to-month payment, but once you've paid everything off, there aren't any more monthly payments because you now own the car. Buying a car is a good option for those who want to own their vehicle, tend to drive a lot, plan on adding accessories or modifying the vehicle, don't want to worry about leasing fees, and are in it for the long haul.
BUYING PROS
- No more payments after the loan is paid off.
- Feel free to modify your car however you want because you own it.
- Has your vehicle needs changed? Trade in your current car and put it towards a new one.
- You can sell your vehicle at any time without worrying about fees.
BUYING CONS
- Monthly payments for a loan are generally higher than a lease.
- New cars depreciate as soon as they leave the lot.
- Once the new car warranty expires you are on your own when it comes to maintenance and repairs.
WHY LEASE?
Leasing is a great option for those that always want the latest and greatest thing. Your lease lasts for two to three years, depending on the vehicle, which means that every two to three years you can sign a new lease for a brand new vehicle. Because these vehicles are so new, the warranty doesn't expire and any major repairs that may come along are taken care of. Leasing does have some limits though. Here is a list of leasing's pros and cons.
LEASING PROS
- Generally, monthly payments for a lease are a lot less than for a loan.
- You will either have a low or no down payment required.
- The vehicle you lease could be a higher trim level for the same amount of money that you would be paying for a loan.
- Once your lease ends, you can get another new vehicle, without having to figure out where your old one will go, or you can choose to purchase the vehicle for a predetermined amount, known as the residual value, which is specified in your original lease agreement. If you don't have enough cash to purchase the vehicle outright, you can apply for a special auto loan for lease buyouts from GM Financial or another lender.
- Because of the factory warranty, you pay less for repair and maintenance.
LEASING CONS
- As long as you lease, you'll always have a monthly payment.
- You'll face a fine if you go over the allotted number of miles.
- Ending your lease agreement early may cost you additional fees unless you qualify for a GM Financial Private Lease Offer. Let Hardy review all of your options and General Motors special lease offers to help you make the right decision by either calling 678-707-8273 or online.
- If you have excessive wear and tear you'll face more fees.
WHICH ONE SHOULD I CHOOSE?
Deciding between leasing and buying really boils down to your personal preferences. They are both excellent options, but it all depends on what you favor. To say, if you like to go on long road trips often, then you may want to consider buying. If you would rather not worry as much about repairs, you may want to choose leasing. Take some time, consider your options, and, if you have any questions, feel free to contact us, here at Hardy Chevrolet. We would love to help you decide which financial option works better for you and can help you apply for whichever one you choose. If you prefer to meet with us in person, don't hesitate to stop by our Dallas, Georgia dealership located at Charles Hardy Parkway and Macland Road. We look forward to welcoming you into our Hardy Chevrolet family soon!
