What option is the best? – Leasing or buying a Chevrolet?
Ignite Marketing Group, LLC | September 30th, 2019
Are you a Chevrolet lover? Who isn’t!
Chevrolets have been around for over 100 years. Since originating in the early 1900’s, they now make a variety of different models including but not limited to – SUVS, cars, trucks, crossovers, and vans. Chevrolets have proven that you can have quality made vehicles at reasonable prices. Now, lets compare the differences when the time comes to lease or buy your favorite Chevrolet.
Leasing vs. buying – Which route do I go?
When you lease a vehicle versus buy, the biggest difference is that you are not financing for the entire vehicle, which leads to a lower monthly payment. You pay for the length of the lease that you choose. Leases generally last anywhere from 12, 24 or 36 months, depending what you choose, and then you’ll have to also pay for any additional fees and interest. Another reason why leases end up being less expensive is because you also have a limitation on mileage. Most mileage options include 10k, 12k, and 15k per year. For example, if you want the lowest monthly payment, you will want to choose the lowest mileage option per year.
Lets take a look at this scenario. This December, you decide you want to lease a Chevrolet Silverado at Tim Lally Chevrolet in your hometown of (Warrensville Heights, OH, Bedford, OH, or Beachwood, OH ) for 3 years at 10k miles per year; there are a few things you will want to keep in mind:
You will have temporary ownership for the length of the lease that you choose.Longer lease will equal a lower monthly paymentIf you exceed 30k miles over the course of the 3 years, you will have to pay a fee for every mile that you go overYou will need to return the vehicle in the same condition that you received it in, minus basic wear and tear of course.By leasing, you could financially have the ability to have a newer model versus an older one
Which option fits your lifestyle better?
Leases ultimately give you lower payments, the ability to have a 2020 Chevrolet versus a 2019, and lets be honest, who wouldn’t want a new car every few years when they renew their lease? Or, if you would like, you could even buy your vehicle after leasing it for the initial period. With buying, you will not outright own the vehicle until it is fully paid off, you do have the ability to customize your vehicle however you would like, and generally it takes five to seven years to fully pay off your vehicle. Just some things to keep in mind when making the decision to lease or buy your next Chevrolet whether you are from sunny California or on the east coast in Cleveland, OH only at Tim Lally Chevrolet near Warrensville Heights, OH
written by: Sarah Smith