Lease or Buy
Which is right for you:
Lease or Buy?
When it comes time to decide on whether to lease or buy a vehicle greatly depends on your lifestyle, budget, and driving habits. While the following outlines the hits and misses for both options, at Con Paulos Chevrolet in Jerome, Idaho, we can help you with your questions not answered here.
What are the Benefits of Leasing?
Leasing can be a smart option for drivers who prefer flexibility and lower monthly costs. Here’s why it might work for you:
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Lower Monthly Payments You only pay for the car's use over a set term (usually 2–3 years), not its full value. -
No Depreciation Worries You don't need to stress over the car losing value. That's the leasing company's concern.
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End-of-Lease Options Return the car, extend your lease, purchase it, or trade it in for a new model.
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Consistent Upgrades Drive a new car every few years with the latest features and technology.
There are things to consider, which include that you don’t own the vehicle, unless you decide to buy it at the end of your lease, the car isn’t yours. Since the car isn’t technically yours, modifications or personalizations usually aren’t allowed. Leases typically come with a mileage cap and specific guidelines regarding wear and tear. Exceeding the limits or turning in a vehicle with damage can result in additional fees. Ending a lease early can be costly, sometimes as much as finishing out the full term.
What are the Benefits of Buying?
Buying makes sense if you want full control over your vehicle.
You Own It
Once your loan is paid off, you'll get the title. No mileage limits, and you can sell or trade it with its value as your down payment.
Freedom to Customize
Want a new paint job or aftermarket accessories? Go for it. Ownership means personalization.
Insurance Flexibility
Once the vehicle loan is paid off, you can reduce fees on insurance, like gap coverage, depending on state requirements.
When considering ownership, it's essential to note that purchasing typically involves a down payment, plus taxes, registration, and other associated fees. Loan payments are often higher than lease payments. New vehicles lose value quickly, especially in the first few years. If you finance your purchase, the car could be worth less than what you owe for a time.
Are You Still on the Fence?
Whether to buy or lease depends on your budget, your driving habits, and what you are looking for in a vehicle. If driving a new car every few years with lower monthly bills is attractive to you, then you are leaning towards leasing. If you prefer to have a vehicle without limitations, owning may be what suits your lifestyle. Your best bet is to talk with one of our sales and finance team members, who can help you discover which option is just right for you. Call us or come in, we are here to help.