Leasing vs. Buying: Pros and Cons

Figuring out which Chevrolet vehicle you want to purchase is easy. Deciding whether to buy or lease a new vehicle purchase – not so much. “Should I buy or lease?” is one of the most commonly asked questions amongst Paducah shoppers in the market for a car from Country Chevrolet of Benton. 

When it comes to leasing vs. buying, both financing options have their pros and cons, however, only one option will be best for your specific financial situation. Learn more about buying vs. leasing in this guide from the experts in our Finance Center. 

Leasing vs. Buying: Processes, Options, & Freedom

• Financing Offers Flexibility: Although you’re locked into a contract, you have the freedom to sell or trade in the vehicle whenever you want (provided the vehicle is worth more than you owe). There’s also the possibility of refinancing for a lower rate down the line. And last but not least, the vehicle is yours to keep for as long as you want.
• Leasing Is Easy and Convenient: As long as you take good care of the vehicle during your ownership and return it to our lease return center on time, you can upgrade to a brand new vehicle with all of the latest bells and whistles. Depending on the circumstances, you may also have the option to buy out the lease and bring your vehicle home permanently.

The Bottom Line: The simplicity of leasing is a major draw for drivers in Paducah and Murray. Still, if you’re comfortable maintaining and reselling a vehicle, the money you get for trading in your car could help to offset future costs, depending on your vehicle’s worth.

Leasing vs. Buying: Unlimited Customization & Total Ownership

• When You Buy a Vehicle (or Finance its Full Cost): Buying a vehicle allows you to add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose.
• When You Lease: Leasing means you’ll need to keep the vehicle as close to factory condition as possible. This is due to the dealership still claiming ownership of the vehicle and having to resell it once your lease term is up.

The Bottom Line: Off-roading isn’t particularly popular with Chevrolet drivers, but many are interested in performance driving and vehicle customization. If that sounds like you, leasing will put obstacles in your path.

Leasing vs. Buying: Restrictions & Mileage

• Those Who Finance: Mayfield drivers who choose to finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
• Those Who Lease: Leased vehicles will have to stay within restrictive mileage boundaries, or risk paying a fee to the dealership when their lease term comes to a close. 

The Bottom Line: Those who commute a short distance will find that the vast majority of leases are suitable for their needs. Those who love their weekenders and road trips will likely find financing to be a better fit.

Leasing vs. Buying: Long and Short-Term Costs

• Leasing Offers Lower Monthly Payments: Take advantage of a reduced cost in monthly payments for your leased vehicle. You also don’t have to worry about spending tons of money on taxes and down payments. Keep in mind that if you start a new lease every few years, your payments won’t change much over the years, and you won’t have to worry about escalating service or repair costs.
• Financing Gives You a Chance to Eliminate Your Monthly Payment Entirely: Buying used is often more affordable than leasing new. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs often grow as a vehicle ages.

The Bottom Line: Most Chevrolet drivers keep their vehicles for an average of three years, and just about everyone we talk to wants to enjoy the latest features. If you share these goals, you’ll most likely find leasing to be the preferable option. If you’re still set on full ownership, connect with our finance team to explore your options. 

Find Out More About Leasing and Financing Options at Country Chevrolet of Benton

Have a better idea of which plan works best for you? Then check out our new vehicle specials or apply for financing online! Feel free to contact us if you have any further questions as well, we’re here to help you over email, phone, text, or in-person if you’re in the neighborhood!