After deciding on a new Chevy as your next vehicle for Lawrenceville commutes, are you stuck on the question “should I buy or lease?” The decision to lease vs. buying your next vehicle can be difficult to make, but the finance team at Rick Hendrick Chevrolet Duluth can help! In the guide below, we’ll compare the benefits of leasing vs. buying to help you determine which option is better suited to your preferences.
Lease vs. Buying: Initial Costs & Future Costs
Leasing earns you lower monthly payments – one of the most common benefits touted for this option. Other initial costs, like taxes and down payments, will also be lower. As for future costs, your monthly payment amount shouldn’t change much if you start a new lease every two or three years – it won’t get higher, but it also won’t get any lower. You won’t have to consider future elevated maintenance costs either, as you’ll be returning the vehicle long before major repairs and maintenance are required.
Financing means you’re working toward paying off the car completely, eliminating your monthly payment altogether when you do so. Once you’re no longer making payments, you’ll be spending less than those who choose to lease year after year. However, you’ll need to factor in escalating maintenance costs as the car ages.
At the End of the Day: If you prefer to always be driving a new car in Suwanee with the latest in-vehicle technology, the most affordable way to do so is to lease. If your top priority is owning your vehicle for over three years, you’d do well to look into finance options.
Lease vs. Buying: Mileage Limits
Drivers who lease will be required to abide by a set mileage limit, which will be outlined in the lease agreement. If you exceed the limit, there will be a penalty to pay.
Drivers who finance don’t have to abide by any mileage limits.
At the End of the Day: You should consider your driving habits in Johns Creek. The average lease agreement has a mileage cap of around 12,000 miles per year. If you know you won’t exceed this, leasing could be viable. If you’re sure you would quickly exceed this limit, financing is likely the optimal choice.
Lease vs. Buying: Modification Allowances
Those who lease will be expected to maintain the factory condition of the vehicle and will be very limited in terms of modifications.
Those who finance are able to customize their vehicle to any extent they want. Use caution, however, as modifying a car with non-factory parts could result in a voided warranty.
Lease vs. Buying: Lease-End Options & Resale Options
At the end of a car lease, all that’s left to do is return it to the dealership. From there, you’ll settle any remaining fees and decide whether you want to start a new lease. If you love the vehicle, you could inquire about buying out the lease for a good price.
Financing is pretty flexible, even though you’re tied to the lender. If your loan isn’t paid off yet and you wish to trade-in or sell the vehicle, you’d be able to do so, but only if you owe less than the car’s current value. If you have good credit, you could also consider refinancing for a better rate.
Compare Lease vs. Buying Options at Rick Hendrick Chevrolet Duluth
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