Should I Buy or Lease?

If you’re ready to upgrade your commute from Terre Haute to Plainfield, you’re spoiled for choice when it comes to vehicle options and even purchase methods! If you’re a savvy shopper, you’re likely asking, “Should I buy or lease?” The good news is that both options offer tons of benefits, so you really can’t go wrong with either method. 

However, one route may be better suited for your circumstances than the other, so we’re here to help you discern if you should sign a lease deal or take on a finance agreement. Learn more with our expert finance team below!

Leasing vs. Buying: Ownership Costs

• Leasing offers an incredibly low cost of ownership. With a lease, you’ll enjoy a fixed payment that’s set for the duration of the lease term. What’s more, that payment is often lower than what you’d pay with a finance deal. Along with that, the warranty coverage offered with many lease agreements is incredibly strong. Under your lease plan, you may have coverage for major repairs and even free basic maintenance like oil changes and tire rotations. 
• Financing offers the chance to eliminate your monthly bill entirely. As you take gradual ownership of your vehicle, you can eliminate your payment. If you keep up with maintenance, you can look forward to driving for many years without the burden of a car note. If you’re looking for a true bargain with your upgrade, you’ll likely find the most affordable payment of all through shopping used. 

The Bottom Line: Leasing is a great way to indulge in the latest vehicles every few years without having to take on a massive car bill. You can also save big by keeping your car in top shape through warranty service coverage. If you plan to keep your vehicle for many years, financing is preferable to leasing. While you will have to contend with a drop in vehicle value through depreciation, you can enjoy a tremendous value if you stay in line with recommended service which can help you drive for years without making car payments.

Leasing vs. Buying: Restrictions & Mileage Caps

• If you finance, you won’t have to worry about mileage restrictions. If you have a long commute or you’re a fan of the great American road trip, financing may lead to less stress behind the wheel since you won’t have to monitor the odometer. 
• If you lease, you’ll need to keep within a mileage limit that’s agreed upon when you sign your lease. Going over your limits may result in the need to pay fines. 

The Bottom Line: For most drivers, the mileage caps placed on lease deals will not feel prohibitive at all. But, this is a great opportunity to evaluate your driving habits. If you think that you’ll have a hard time staying below your mileage limits, leasing likely isn’t your best option. 

Leasing vs. Buying: Ownership and Customization

• When you buy a vehicle (or finance its full cost), you have the freedom to make any modifications you desire. That means you can add parts to get your truck ready for the Paris, IL job site or style your sportscar to match your wishlist.
• When you lease, most dealers will require you to maintain your vehicle in near factory condition. However, here at York Chevrolet, Inc., we’re happy to work with you and allow you to customize your lease vehicle with parts and accessories. As with all things included in a lease, we’ll just need to iron out the details before signing. 

The Bottom Line: Customization offers another great opportunity to study your own habits. If you have a penchant for getting off-road, you may want to make major modifications to your vehicle. If that’s the case, buying likely offers the total freedom and flexibility you crave. 

Leasing vs. Buying: Freedom & Processes

• Financing offers flexibility. While you do sign a contract to make payments on your vehicle for a set period of time, you have the freedom to sell at any time. You’ll want to be careful to ensure that your vehicle hasn’t depreciated to the point where a sale will put you in the hole if you still owe money on the loan. You can also choose to keep your vehicle for as long as you like!
• Leasing is easy and convenient. If you’d rather not contend with depreciation, paying for many service needs, or the hassle of selling your vehicle, leasing offers the smooth process you desire. Just keep your vehicle in good shape, stick to your agreement, and you can make a quick return and upgrade when your lease is up!

The Bottom Line: Financing is great if you plan to stick with one model for a long period of time. You can also use the profit from selling your car to help offset the cost of your upgrade. On the other hand, leasing is supremely convenient. This is a major draw for many Brazil drivers since the process is simple and affordable.

Discover Your Leasing and Financing Options Today!

If you’re ready to get behind the wheel of a new ride, York Chevrolet, Inc. is here to help you make your move. Our team can guide you through the decision to buy or lease, and we can help you value your trade-in model to get your upgrade started. If you’ve sorted things out and you’re ready to Shop Now, you can use our online resources to make your automotive upgrade from the comfort of your own home. Feel free to contact us at your convenience if you’d like personalized guidance on whether you should buy or lease!