Should I Buy or Lease a Car?

Are you debating whether to lease or buy a car when it comes to your next Asheville ride? Whether purchasing a new or certified pre-owned model, you want to make the best decision for your budget and needs. At Sunshine Chevrolet, LLC, we know that car buying is time-consuming and our team is dedicated to demystifying the process. In the following guide, we’ll discuss whether to lease or buy a car and spotlight which is better suited for you. Learn more below and call (828) 585-3101 to speak to one of our staff members today! 

Leasing vs. Buying a Vehicle

So, should you buy or lease a car? Leasing a vehicle near Hendersonville is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific period. You won’t build equity as you would from outright buying the vehicle. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the model, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller payments when you lease a car near Fletcher.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: If leasing, you’ll just return the car. If you exceed the agreed mileage, or there is wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Cons: 

• Mileage Requirements: If you exceed the agreed-upon mileage, you will end up paying some fees.
• Constant Monthly Payments: You need to maintain those monthly payments to keep your car, and that will be constant during the entire lease period.

Pros and Cons of Buying a Car

Pros:

• Ownership: Once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you can do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Chevrolet vehicle in Arden. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment. Leasing your vehicle will mean less chance of this occurring. 

Buy or Lease Your Next Car with Sunshine Chevrolet, LLC!

Now that you have a proper answer as to whether you should buy or lease a car, remember that this depends entirely on your needs and budget. Start the process by getting pre-approved for financing before scheduling your test drive. Reduce what you owe by trading in your current vehicle with our team. Find your next Hendersonville ride at Sunshine Chevrolet, LLC!