Are you ready to get behind the wheel of a new car? If you aren’t sure whether you’ll buy or lease when you get to the Chevy dealer, it’s smart to research your options.
Pros of Buying a Chevy
When you buy a car, you own it. You can customize it, drive it as much as you want, and keep it as long as you like. With each payment you make, you’ll build equity in your car. You can use this equity as a trade-in or down payment when you’re ready to buy a new car.
Pros of Leasing a Chevy
Lease payments are generally lower than loan payments since you are only paying for depreciation that takes place during the term of your lease. Your leased Chevy will also usually still be under warranty throughout the lease period. That means you don’t have to shell out for unexpected repairs.
Leasing allows you to drive a new Chevy model every few years. Once your lease is finished, you don’t have to try and sell your car. Just return it to the dealership!
Cons of Buying a Chevy
Buying a car typically means higher monthly payments compared to leasing. You are financing the entire purchase price of the vehicle. Your Chevy will also depreciate over time, reducing its resale value. If you sell it at the wrong time, you could still owe money on your loan.
As the owner, you have to pay for any repairs or maintenance your car needs once it’s out of warranty. While it may not cost much at first, the older your car gets, the more expensive it can be to maintain.
Cons of Leasing a Chevy
Leasing a Chevy does not mean you own the car. Instead, it remains the property of the dealership. Similar to renting something, you make payments that allow you to use your Chevy for the term of the lease. Once the lease ends, you don’t have anything to show for your payments. Instead, you have to return your car to the dealer.
A lease also limits how far you are allowed to drive each year and how much wear and tear is considered acceptable. Ignore these limits, and you could owe a lot in fees when you return your car.
Should You Buy or Lease at the Chevy Dealer?
If you prefer full ownership, drive a lot, and want the flexibility to modify your vehicle, buying is more likely to be for you. If you’d rather drive the latest models, prefer lower monthly payments, and want to avoid the hassle of resale, a lease could be your best option.
Ultimately, the choice is up to you. Swing by Bommarito Chevrolet South County in St. Louis, MO, and let us help you find the perfect car for your needs.
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