Buying Vs. Leasing
If you’re in the market for a new vehicle, you have several options to choose from.
One question you’ll have to answer is whether you want to buy or lease your new vehicle. There are advantages and disadvantages to each, and one is likely better suited to your needs, lifestyle, and budget than the other. Knowing what details are most important to you will help you make the best decision.
If you choose to buy your new vehicle, you’ll likely have a higher monthly payment than if you decide to lease. With leases, you’re mainly paying for the vehicle’s depreciation over the course of the term, making for a lower payment amount. However, the higher initial costs that come from paying towards a car you’ll eventually own outright might be a worthwhile tradeoff.
Sometimes, when you lease a vehicle, the dealership will specify a mileage allowance that you can’t exceed without paying a fine. If surpassing this limit — ranging from 10,000 to 15,000 miles per year — is not a concern for you, consider leasing. However, if you travel for work, buying is likely the better option.
While buying a new vehicle means you can replace it whenever you wish, the process of reselling can be time-consuming and stressful. With a lease, you simply return your car to the dealership at the end of the term.
EQUIPMENT AND FEATURES
Both buying and leasing new vehicles ensure that your new ride will come with the latest and greatest equipment and technology. However, if you’re someone who prioritizes having the newest gadgets available at all times, leasing may be right for you, since you’ll have the option to roll into a new model every few years.
When you own your vehicle, you can sell it if it’s no longer meeting your needs or if you want to change your ride. If you attempt to end your lease early, you’ll likely be subject to additional fees.
Getting into a new vehicle, regardless of whether you choose to buy or lease, is an exciting event. Come by A & T Chevrolet, Inc. and speak with a member of our staff about which option is right for you.