Buy or Lease New Chevrolet

Shared benefits of buying and leasing

First, let’s go over the shared benefits of buying and leasing. In both cases, you’re getting a new car. The advantages of this are clear: You’re the first owner, you get the latest in features, performance, and design, the car is under warranty, and the car is unlikely to need any significant maintenance. All of these alone can help offset some of the downsides we’ll cover below.

Buying: Tried and true

The main advantage of buying is true ownership. When the car is paid off, it’s yours! Additionally, while you’re in possession of the car, you can do just about anything you like with it. Modify it to your heart’s desire, drive it as far as you wish, sell it, or even abandon it — the choice is yours (though we hope you wouldn’t abandon a beautiful new Chevrolet).

Another perk that comes with buying is purchasing flexibility. For example, if you have cash in hand, you can put it toward a larger payment to reduce your balance. This can be beneficial as it reduces your interest fees and monthly payments. Plus, financing often comes with the potential option to refinance if needed, which isn’t the case with leasing.

We already mentioned selling, but it’s worth discussing again. When you finance a car, you can sell it even if you haven’t fully paid it off. This is important to note because it means you’re not stuck with it even if you don’t like it.

The only real downside to buying is the cost. Up front, it is the priciest means of getting behind the wheel of a car.

Leasing: An alternate option

Leasing can get you behind the wheel of a brand-new car with a much lower monthly payment. This is because leasing payments are based on the car’s estimated depreciation. For example, if your new Chevrolet costs $40,000 and is expected to lose $15,000 in value over the first three years, then you would pay only for that $15,000 amount during the lease term (not including taxes and fees) — as opposed to the full $40,000 when buying.

One downside of leasing is that insurance companies often require you to purchase premium coverage, but even with this in mind, leasing can still be far cheaper over the course of the leasing contract (typically three years).

The trade-off is that leasing comes with more limitations than buying. Leased vehicles must not be modified and are subject to mileage limits, typically 10,000-12,000 miles per year. Excessive wear and tear may incur fees. Fortunately, if you do not drive often, these restrictions may be moot.

Leasing is also often less flexible. There may be a required down payment, and the duration of the term may be non-negotiable. Additionally, returning a lease prematurely can require you to pay out the entirety of the owed amount up front, as well as potential fees.

However, if you like your lease, you have the option to buy it out. Or, if you’d rather move on to another new car, you can simply lease again!

Buying or leasing at Amistad Motors

Interested in leasing or buying? Visit the Amistad Motors dealership in Fort Stockton, Texas, to check out our inventory of new cars and explore our available leasing options. If you’re still on the fence, seeing some of our deals might help you make up your mind!