The choice of whether to buy or lease your next car is a big one. It’s important to find the right fit so that when you get to the Chevy dealer, you’re prepared.
The Upsides and Downsides of Buying
Ownership
Once you’ve paid off the loan, your new Chevy belongs to you, no strings attached. There are no mileage limits, so you can drive as far as you want. Plus, you can personalize, customize, paint, or accessorize the car however you want.
Long-Term Savings
Buying a car can save you money in the long run. After you’ve paid off your loan, you can say goodbye to monthly payments. Plus, you have equity in your car. If you choose to sell it, you could get some of the money you paid into it back.
Higher Costs Upfront
On the other hand, buying can be more expensive at first. You’ll have to have a higher down payment, cover taxes, and pay any fees from the sale. Your monthly payment will usually be higher than leasing the same car, too.
Depreciation and Maintenance
The two biggest downsides of buying your car are depreciation and maintenance. Cars lose their value over time, and the sharpest drop is in the first few years. Over time, your car’s value should stabilize, but until then, you could owe more on your loan than the vehicle is worth.
The Upsides and Downsides of Leasing
Lower Costs
One of the biggest benefits of leasing is how cheap it is compared to buying a new car. Your monthly payments should be lower, and your car is always under warranty, which means you won’t have to shell out for major repairs.
No Ownership
Of course, at the end of your lease, you don’t own the car. In fact, unless you decide to buy it, you’ll have to return it, with nothing to show for all the payments you’ve made.
Charges for Mileage and Condition
Leases usually come with mileage caps that limit how far you can drive each year. If you drive too far, you’ll be paying extra. That’s also true if you return your leased car with more damage than could be considered ‘normal wear and tear.’ If you haven’t taken great care of your leased car, you could face quite a few extra charges when you turn it in.
Should You Buy or Lease at the Chevy Dealer?
No one can decide which choice is better except you. Think about how you usually drive, your finances, and how long you plan to keep your car. It’s all about what works best for you!
Whether you decide to purchase a car or lease one, a new Chevrolet is an excellent choice. Visit Ted Britt Chevrolet in Sterling, VA, to browse our inventory.
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