Deciding Whether to Buy or Lease Your New Chevrolet
Chevrolet is proud to welcome you to the family. Before you nestle into the driver’s seat of one of our exhilarating models, there are some details to iron out first. It’s time to decide between buying or leasing your new vehicle. This needs to be scrutinized down to the very last detail, as the options can be complicated, and we want to help get you into the driver’s seat of your ideal Chevrolet.
Buying and Leasing are two entirely separate approaches to obtaining your new car. Finances are unique to each buyer, and this must be carefully thought about before making the decision relating to your investment.
How long do you typically hold on to a vehicle?
Think about this question in terms of years.
- 1-3 years
- 3-5 years
- 6+ years
Look at your ownership history and consider that changes in finances and your personal situation will affect your habits moving forward. Many consumers purchase vehicles for leisure; others may be used to pick the kids up from school or commute to work, and so on. These functional options tend to rack up the most miles. Think about where your new Chevrolet fits in the big picture.
Typical mileage habits
On average, how many miles a year do you generally drive?
- Less than 15,000
- 16-30,000
- More than 30,000
Think about the future of your vehicle – will your driving routines be the same in five years as they are now? Throughout our lives, where, when and how we drive is constantly evolving. Families grow and change, or we may even be adding additional drivers to the registration. All of this must be taken into consideration when deciding between Chevrolet leasing or buying, so take stock before you put our financial plans above the competition.
Which method do you normally use when upgrading to a new car?
- Trade in my existing vehicle for a new one.
- Sell my existing vehicle before I buy a new one.
- Keep my vehicle once I have paid it off.
Financially speaking, we all have different preferences and reasons for updating our vehicles. Are you leaning more towards frequently advancing to the latest model, or are you more into building your own automobile collection? Perhaps you have a family member ready to take the wheel and they need their first car. Indeed, you may have even grown fond of your current vehicle and have the financial means to add to your automotive family. Whatever your situation, plan accordingly.
Pros
- Low monthly cost
- No maintenance fee
- The possible option of driving new models every two to three years
- No trading or selling involved
Cons (Leasing)
- You are not going to own a vehicle
- Mileage is limited
- You will need a GAP insurance
How did you acquire your current vehicle?
- Lease
- Finance
- Cash
If you aren’t entirely happy with how your current payment method or plan worked out, maybe it’s time to make a change. On the other hand, you may be perfectly happy with how things have been going. Make this analysis before completing your Chevrolet lease deal.
When you become a Chevrolet driver, are there any alterations you might make?
Whether you’ve just chosen to drive the luxurious Tahoe SUV or selected the iconic Silverado truck, think about ways you may plan to physically alter your vehicle. If you’ve decided to lease your Chevy Tahoe, Silverado, or other favorite model, it will need to remain in near factory condition. One reason you may want to buy is that you plan to make slight modifications or even completely customize your vehicle. If you choose to do this, you may violate the terms of your lease agreement. Discuss all the facets of your agreement with your dealer.
How important do you consider maintaining your vehicle’s warranty to be?
If you have owned vehicles in the past or currently have a vehicle warranty, do you typically:
- Replace your vehicle before its factory warranty expires.
- Have a full inspection done on your vehicle before its factory warranty expires.
- Ignore if your car is under warranty or not.
How you handle your warranty and its restrictions can greatly affect the re-sale or trade-in value, and even if you qualify for new leases.
Pros (Buying)
- You own the vehicle once you finish the loan payment
- You bear all expenses associated with car repair and maintenance
- Once you own the car (after you pay off the loan), you can sell it
- You don’t have any mileage limits
- Ability to build equity in the vehicle
Cons (Buying)
- Upfront down payment
- High monthly payment
- Your car depreciates dramatically
Choosing service plan for your vehicle
Your Chevrolet is a prime feat of engineering, and ideally you’ll be able to utilize an authorized manufacturer or dealer service center. Depending on the terms of your lease, if your vehicle is worked on by anyone other than a certified and registered Chevy technician, you may be voiding your contract. Whether you perform the maintenance yourself or take it into your local service center, when leasing you must review the terms carefully to confirm any allowances. Ensuring that you adhere to the stipulations of that contract dictates if you can continue to lease, or if you might consider becoming a full-on buyer.
Take some time to look at our Finance page to peruse the range of available models, and hopefully answer any further questions you may have regarding the specifics of your choice. Make sure you consider each option carefully. For example, you can compare the 2019 Chevy Lease vs Finance, as well as the different vehicle options.
Before visiting one of our many dealerships and speaking with one of our certified agents, make sure that you do your research and come prepared with a list of questions so that we can get you into the driver’s seat as soon as possible.