LEASING VS BUYING A CAR: WHAT WILL WORK FOR YOU?

Having awareness of the choices accessible to you when it is time for a new Chevrolet vehicle is beneficial. Whether you decide to lease or buy a car depends on your individual circumstances. We've put together a useful list of benefits and disadvantages of both leasing and buying to help you make a decision. Please do not give a second thought about reaching out to us at Gilbert Chevrolet using the contact form and we will be happy to analyze your options with you.

BENEFITS OF LEASING

  • You can drive the newest vehicles every 2 or 3 years, determined by the length of your lease. You will always have access to the latest safety and connectivity technology, plus better fuel economy.
  • After your lease is completed, you can walk away from your vehicle and get into something new. Or, if you love it, buy it!
  • Monthly lease payments are usually lower than loan payments.
  • If you are leasing a popular vehicle, your dealership may offer to end the lease early, putting you into a new vehicle that much quicker.
  • You do not need to be concerned about depreciation when you lease a vehicle, as you will be turning it in when your lease is over.
  • Drivers who do drive a lot of miles in their vehicles can usually get very low lease payments.
  • Since you are leasing your vehicle while it is under the original factory warranty, any repairs that pop up will likely be covered.

DISADVANTAGES OF LEASING

  • Leasing a vehicle tends to come with more up-front fees, but usually a lower, or zero, down payment.
  • Ending a lease early is usually not an option.
  • You do not have any equity in your leased vehicle.
  • You are limited in the number of miles you can drive your leased vehicle, usually 12,000 miles per year, or 1000 miles per month. Higher or lower mileage limits can be negotiated and will impact your monthly payment.
  • You are responsible for fixing or paying for excessive wear and tear on your vehicle when you turn it in.
  • Customizing your vehicle is not possible when it is leased. It must be returned in good condition.
  • Leasing companies require you to have a certain level of insurance, usually comprehensive plus collision.

BENEFITS OF BUYING

  • Your vehicle belongs to you, and you are able to keep it for as long as you desire.
  • You can sell or trade your vehicle whenever you need to. If you have a loan, you can pay it off with the money from the sale.
  • Drive your vehicle for as many miles as you need to!
  • You do not have to be concerned about paying for or fixing a few dings and scratches on your vehicle.
  • When you have paid off your loan, your vehicle belongs to you and your monthly payment is gone.
  • Modify and customize your vehicle to your heart's content!
  • You are free to select what level of auto insurance you wish to purchase.

DISADVANTAGES OF BUYING

  • When you decide you need a new vehicle, you will need to manage the effort of trading in or selling your current one.
  • Your vehicle will depreciate, but its value is yours since you have complete ownership.
  • Unless you are able to purchase your vehicle up front, your down payment will be higher than that for a lease, generally 10-20% of the cost.
  • Purchasing a vehicle usually means that you plan to keep it for a longer span of time than a lease.
  • The longer you keep your purchased vehicle, the more outdated its features and technology become.
  • Your monthly payment when you finance a vehicle with a loan is usually higher than that of a lease.
  • Once your factory warranty expires, you are responsible for any repairs your vehicle needs.

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Hours

  • Monday 8:30am-7:00pm
  • Tuesday 8:30am-7:00pm
  • Wednesday 8:30am-7:00pm
  • Thursday 8:30am-7:00pm
  • Friday 8:30am-7:00pm
  • Saturday 9:00am-5:00pm
  • Sunday Closed
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Dealership Hours

  • Monday 8:30am-7:00pm
  • Tuesday 8:30am-7:00pm
  • Wednesday 8:30am-7:00pm
  • Thursday 8:30am-7:00pm
  • Friday 8:30am-7:00pm
  • Saturday 9:00am-5:00pm
  • Sunday Closed

Parts Dept. Hours

  • Monday 7:30am-5:30pm
  • Tuesday 7:30am-5:30pm
  • Wednesday 7:30am-5:30pm
  • Thursday 7:30am-5:30pm
  • Friday 7:30am-5:30pm
  • Saturday Closed
  • Sunday Closed

Service Dept. Hours

  • Monday 7:30am-5:30pm
  • Tuesday 7:30am-5:30pm
  • Wednesday 7:30am-5:30pm
  • Thursday 7:30am-5:30pm
  • Friday 7:30am-5:30pm
  • Saturday Closed
  • Sunday Closed