Buying vs Leasing
Leasing vs. Buying a Car in Spencer, IN
Should you buy a car or lease one? It’s an important decision for any prospective car buyer, and it can be difficult to sort through the options. To help our customers make the decision that’s right for them, we provide this page of information relating to your Chevrolet lease and financing options.
Here’s a quick overview of the differences between leasing and buying.
- Buying a car (new or used) means you pay for the whole cost of the automobile.
- Leasing a car (new or used) means you pay for a portion of the cost—that is, you pay only for the time you drive it.
Is Buying Right for You?
Who Owns It
When you buy a vehicle, you own it. This is true whether you pay cash or depend on Chevy financing to enable you to make payments. Bear in mind, however, that you have to meet your lender’s obligations (e.g., don’t miss payments) if you use financing. Failure to meet these obligations gives your lender the right to repossess the vehicle.
If you have to finance the vehicle, you will probably have to make a down payment. You also have the option of trading in another vehicle and using the equity toward this down payment. The exact amount of the down payment depends on several factors, such as your current credit score.
If you decide to sell your vehicle in the future, its value will depend largely on its condition, which in turn is based on your ability to maintain it properly. We recommend using a factory-authorized facility for your routine maintenance needs.
End of Payments
Once you have paid the full amount listed on the contract, you own the vehicle 100%. Your lending company will mail you a Lien Release to confirm that you have no further obligations.
Is Leasing Right for You?
Who Owns It
When you sign a Chevrolet lease, you do not own the vehicle. Essentially, the financial institution responsible for the lease owns the vehicle, while you’re simply paying for the right to drive it. That’s why it’s generally cheaper to lease than to buy.
In many cases, a lease does not require a down payment. You just have to pay a security deposit, the first month’s payment, an acquisition fee, and a few other taxes and fees. If you prefer a lower monthly payment, you always have the option to paying more upfront.
Under the terms of most leases, you don’t get to own the vehicle, so you can’t sell it. However, you may be subject to mileage limits and related rules that impose extra fees if you fail to observe these restrictions.
End of Payments
Most of the time, the Chevrolet lease term ends with the driver returning the vehicle. Some, however, elect to purchase the vehicle. Still others decide to trade in the vehicle before the end of the lease. When applying for a lease, be sure to tell us about your preferences so we can set up the paperwork according to your specifications.
Best Cars to Lease
When you lease, consider choosing a car that will have the highest book value after the lease expires. These kinds of cars depreciate less, which means you will pay less.
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