Should I Buy or Lease?

You know you want a new Chevy for your Normal drives, but do you know the best way to acquire one? You have an option beyond buying a new car in Decatur—you can lease your next vehicle from Leman's Chevrolet City Llc. If you’re wondering which is better, leasing vs. buying, that all depends on your needs and your finances. Learn more about leasing vs. buying with Leman's Chevrolet City Llc and decide which option is best for you. 

Leasing vs. Buying: Long and Short-Term Costs

• Leasing: Enjoy a smaller down payment and reduced monthly payments.You’ll also spend less on taxes. If you start a new lease every few years, your payments won’t change much over the years. But since a lease has a set time limit, usually three years, you won’t have the escalating maintenance and repair costs that come with owning an older car. 
• Financing: You can eliminate having a monthly payment over time. In the long run, especially once you’ve paid off your auto loan, financing is more budget-friendly because you’re building equity. You might have more in repair costs as the vehicle ages out of its warranty, though. 

The Bottom Line: If you’re like the average driver, you’ll keep your vehicle for about three years, which is the perfect time frame for leasing a vehicle. However, if you look forward to paying off a vehicle and having full ownership, financing is for you. 

Leasing vs. Buying: Mileage & Restrictions

• Financing doesn’t come with mileage or customization restrictions. 
• Leasing comes with set mileage limits, and you need to keep the vehicle as close to factory condition as possible. 

The Bottom Line: If you love long road trips and outfitting our vehicle to suit your lifestyle, financing is your best option. If you’re mostly commuting around Springfield, and you like your car to be in factory condition, a lease is a great idea. 

Leasing vs. Buying: Total Ownership and Customization

• Financing gives you full ownership of your vehicle without restrictions when it comes to adding accessories, decorations, or performance parts, other than the possibility of voiding your warranty. 
• Leasing means that the dealership still owns the vehicle, and they’ll need to resell it after it leaves your hands. Because of this, there are restrictions on customization. 

The Bottom Line: If you plan to outfit your Chevy for off-roading or high-performance driving, then leasing isn’t the right option for you. 

Leasing vs. Buying: Freedom, Options, & Processes

• Financing: While you’re locked into the contract to pay off your loan, you still have the freedom to sell or trade your vehicle whenever you want. You can also refinance for lower payments. You can keep your vehicle for as long or short of a time as you’d like.
• Leasing: As long as you take care of the vehicle and return it to the lease center on time at the end of your lease term. It’s a much simpler process than selling or trading a financed vehicle. You also have the option of buying out your lease if you’d like to keep the car for longer than the lease term. 

The Bottom Line: The simplicity of leasing is a major draw for drivers. Still, if you’re comfortable maintaining and reselling a vehicle, the money you get for trading in a purchased vehicle could help to offset future costs. 

Learn More About Whether You Should Buy or Lease with Leman's Chevrolet City Llc

If you’d like more information about whether you should buy or lease, the finance department at Leman's Chevrolet City Llc can help you go over your finances and driving habits to help you make the right decision for you. Contact us with your questions.