When it comes to buying or leasing a vehicle, it’s important to weigh the pros and cons before making a decision. It can be a little confusing, so to help you understand all of your options, we have provided some helpful information below!
Buying a Chevrolet
When you buy a new Chevrolet or a used car, you pay for the entire cost of the vehicle. That means that the vehicle is yours. Of course, if you are financing the vehicle, you are obligated to the lender to make timely monthly payments or risk having your vehicle repossessed. There are several advantages to owning your vehicle. When you have ownership, you have the ability to pay off the loan which in turn eliminates your car payments. It also gives you the flexibility to modify and personalize your vehicle the way you want.
Leasing a Chevrolet
When leasing a new Chevrolet, you pay for only a portion of the vehicle's cost. You pay that cost during the time in which you are driving it. When you lease, you do not have ownership of the vehicle and you are simply paying for the use of said vehicle. The finance company that you leased the vehicle through are the ones that actually own it. You may be paying less per month with a lease, but the ability to personalize and own your own vehicle are off the table. You save money, but you lose the long-term investment of ownership. However, you have the novelty of driving newer cars and can enjoy experiencing new technology every few years when your lease is up.
Have more questions about leasing vs buying a vehicle? Thinking about leasing a Chevrolet yourself? Visit our Lease Return Center to learn more!