Should You Buy or Lease?

Tiny car with coins and finance paperwork
You’ve decided it’s time to finally upgrade your ride, or you’re trying to decide on your first car, and you’ve decided on the right one for you. Next comes finding out the difference between leasing vs. buying, and which has the best benefits for Lafayette drivers. Both options come with a great deal of benefits, and you should carefully consider them before deciding whether you should buy or lease. Find out what one of the commonly requested questions of our finance department can mean for you when you shop for a new-to-you vehicle and get ready to hit the road in Brownsburg!

Long and Short-Term Costs of Leasing vs. Buying

  • Leasing offers lower monthly payments: The biggest difference between the two is that leasing will come with a much lower monthly payment cost versus buying. You’ll spend less on taxes and down payments as well. Leasing rates usually also don’t change, and your vehicle is covered by the dealership when it comes to service and repair costs.
  • Financing gives you a chance to eliminate your monthly payment entirely: If you decide to buy your car, especially a used model, you can actually save money in the long term. Drivers who pay off their vehicle will spend less than a driver who has to continuously renew their lease. Repairs do fall on the driver and they can become more expensive as the years carry on.

Most Danville drivers keep their vehicles for an average of three years, and nearly everyone wants to make sure that they’re keeping up with the latest technology and features. If these seem more up your alley, then leasing is the preferable option. If you want to completely own your vehicle, and customize it as you wish, then buying is your go-to option.

Leasing vs. Buying: Mileage & Restrictions

  • Drivers on a Lease: The terms of your lease will often come with strict boundaries about how far you can drive in a given month, and breaking those terms will come with fees per mile in most cases.
  • Drivers who finance: Once you settle on full ownership of your option, there are no restrictions on mileage, so you can take advantage of the open road.

Total Ownership and Customization between Leasing vs. Buying:

  • Leasing: Drivers that lease agree to the terms and conditions of their lease, which includes keeping the vehicle as close to factory condition as possible. The dealership still owns the vehicle and will resell it once the terms of your lease are over.
  • Buying: When you decide to finance your vehicle, rather than lease, you’re able to customize it in any way that you wish. You are able to make it as colorful and as close to your personality as you want it.

Flexibility in Leasing vs. Buying:

Financing is often considered the most flexible option. While you can sell or trade the vehicle at any time, once the terms of your financing are over, you’ll be the sole owner of your vehicle. You can also refinance for a lower rate down the line for a lower rate. On the other hand, leasing is easy, convenient, and a great way to save money on monthly payments as well as keep up with the latest technology. Once your lease terms are up, simply return the vehicle, and you can purchase it or select a new vehicle to finance instead.

Find More Financing Options at Christi Hubler Chevrolet

Are you ready to move forward with your purchase? Then it’s time to speak to our finance department with any questions you might have. Contact us at a time if you have questions, and we’ll be ready to help get you started, such as by helping you take home one of our many used truck models.

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