When it comes time to get a new vehicle for your family, you’re likely going to search for the best Chevy lease deals near Macon. Leasing has become a popular option over the last decade or so, but there always is the option to finance your next vehicle. Is one route better than the other? The short answer is: it depends.
In this Chevy lease vs. finance comparison guide, we’ll look at the pros and cons of both options to help you determine if it’s best to search for new Chevy lease incentives in Missouri or to find the best Chevy financing rates near Macon. Read on to find out which new vehicle ownership method is right for you and your family.
The Pros and Cons of Leasing
When you lease a car, you’re effectively paying off the depreciation of the vehicle over the span of your contract, which will likely be 36 months (AKA, three years). Say an SUV, like the Chevy Equinox is valued at $30,000 new with some upgrades and packages, and the dealership estimates that it would lose approximately $10,000 in value over three years. Over the 36-month contract, your monthly payments would be that $10,000 divided by 36, which comes out to roughly $277 a month.
By contrast, when you finance a vehicle, your monthly payments are calculated for the full price of the vehicle over the auto financing loan length, varying from three to seven years. This means your monthly payments for the same vehicle are generally lower when you lease. With that in mind, you can often opt for a higher trim of the same vehicle and have lower monthly payments when you lease.
Since the car is new, you are also much less likely to run into any major repairs, and even if you do, you’ll likely be covered by the vehicle’s warranty. All you need to do is follow the routine maintenance schedule to keep the vehicle in good condition, and in some cases, Chevy GMC service may be covered during your lease.
Lastly, leasing removes a few headaches from your life down the line. You’ll have the latest and greatest safety and tech developments and features in the car, which will make for a smoother ride. You don’t need to worry about selling the vehicle or what its trade-in value could be, either. Once the contract is up, simply bring the vehicle back and you can begin searching for your next Chevy GMC lease or decide it’s time to buy.
While leases have a lot of perks, there are some drawbacks to be aware of. Lease contracts will most likely have mileage limits, meaning you can only drive so much or be at risk of penalties and fees. You also need to stick to the maintenance schedule, because your contract will likely have a clause that says the vehicle needs to be returned in excellent condition, lest you face fees. This also applies to any modifications: there is no room for aftermarket modifications to the lease. The vehicle you get can only be customized by the dealership, and often before you even see it, but that’s why you can choose a higher trim to get the features you want.
The Pros and Cons of Financing
One of the biggest benefits of financing a Chevy or GMC vehicle is that you own it and, therefore, build equity. Also, because you own it, you can modify it and add aftermarket parts to enhance your ride without fear of penalties and fees like you’d face with a lease. There are also no mileage limits when you finance a car—if you want to drive from Moberly to Seattle, WA, and back three times a year, you have every right to do so without additional costs at the end.
Here’s an interesting pro/con combo: although your monthly payments will be higher than if you lease a vehicle, over time, you’ll save money. Let’s look at a nine-year period. In that time, you’ll have had three leases start and finish, while you’d still have the same vehicle if you chose to finance. Even if you chose a seven-year loan, in that nine-year period, you’d have two years of full ownership and no monthly payments. As long as you maintain your vehicle with regular oil changes, tire rotations, and other basic services, there’s no reason a financed car couldn’t run for many years beyond the loan being paid off.
If long-term savings, freedom to drive, and the ability to upgrade your car as you see fit are your priorities, financing a vehicle is the better offer. However, buying a car has its drawbacks as well. One of the biggest cons to financing a vehicle is the larger down payment necessary to start the process. Leases, by comparison, rarely require a down payment, and if they do, it’s a much smaller sum of money.
Speaking of money, once the warranty runs out on a newly financed vehicle, all repair costs are your responsibility. Over time, more expensive parts will wear out (alternator, rotors and calipers, transmission issues), and you’ll have to decide if it’s worth it to repair the vehicle or start the trade-in/selling process. Speaking of which, trading a vehicle can be simplified by using an online value estimation tool, but you’ll have to make sure the vehicle is in great condition to get market value. Or, you can risk the hassle of selling a vehicle yourself. Either way, that’s something you are responsible for when you finance a Chevy or GMC.
Chevy Lease FAQs
How Do I Find New Chevy Lease Incentives in MO?
Chevy GMC dealers will often run new vehicle specials that include Chevrolet Traverse lease offers for families and Chevy Equinox deals. These specials are regularly updated, so we advise checking often to find one for a vehicle you love at a price you can drive off happily with.
Are Chevy Lease Deals Near Macon Dealer Specific?
Yes, each dealership will have their own lease specials in the Macon area. However, there are often Chevy-branded specials and incentives you can take advantage of.
Are Chevy GMC Financing Deals Available?
Yes, there are GMC offers available that can help lower the overall cost of a new vehicle. At Ed Morse Chevrolet GMC Moberly, we work with you side by side to find affordable auto loan rates by partnering with our network of local lenders. Be sure to ask us for more information about how you can save on your next vehicle.
Buy or Lease: Visit Us and Decide
Ready to find family SUV deals near Macon? Head down to our Moberly dealership to ask us about our current offers, and we’ll be happy to help you find the perfect vehicle for your needs and budget. Contact us today to get started.
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