Should I Buy or Lease?

When you find the new car that you love for your Quincy commute, you probably have one thing on your mind: “Should I buy or lease?” There are plenty of benefits to both options, and the best option for you will ultimately depend on what you want to get out of your vehicle and your particular driving needs. Compare the pros and cons of leasing vs. buying with the finance center at Shottenkirk Chevrolet to see which option is right for you.

Leasing vs. Buying: Overall Costs

Price is always a factor when shopping for a new vehicle in the Hannibal area. When considering leasing or buying, here are some factors to keep in mind relating to cost:

Leasing

Pros: 

• Lower monthly payments than a loan
• Save on sales tax
• Lower down payment
• No escalating service/repair costs

Cons: 

• A new lease every few years won’t change your payments noticeably.

Financing

Pros: 

• Gives you a chance to eliminate your monthly payment altogether
• Buying used is more affordable than leasing new
• Paying off a financed vehicle will cost less overall than continuing to lease
• You can finance in-house or rely on a traditional lending institution

Cons: 

• Repair costs tend to go up as a vehicle ages

If you plan on keeping your vehicle for about 3-5 years and want the latest features, then leasing may be the more affordable option. Before upgrading to a new car, consider if you should trade or sell your current vehicle with Shottenkirk Chevrolet.

Leasing vs. Buying: Restrictions & Limitations

Leasing

Cons:

• Strict boundaries and mileage restrictions
• Penalty fee for exceeding limitations

Financing

Pros: 

• Full ownership means no mileage limitations or restrictions

If you don’t plan on driving too far from Keokuk for a while, then leasing might be preferable. However, if you plan to put some miles on your vehicle and want to customize later on, then buying would probably be the better move for you.

Leasing vs. Buying: Ownership

Leasing

Cons: 

• Vehicle will need to stay as close to factory condition as possible due to the dealership owning the vehicle.

Financing

Pros: 

• Ability to add whatever accessories or modifications you like since you own the vehicle.

If you see yourself customizing your vehicle throughout the duration of your time with it, then buying a vehicle might be a more comfortable choice for you.

Leasing vs. Buying: Overall Freedom & Flexibility

Leasing

Pros: 

• Easy and convenient
• Simple return process at the end of lease term
• Multiple options at the end of lease term, like upgrading to a new vehicle
• Can buy the vehicle at the end of lease term

Financing

Pros: 

• Can sell or trade the vehicle at any time if you owe less than the vehicle’s worth
• Can refinance for a lower rate later on
• Can keep the vehicle as long as you choose

So, which is better: leasing or buying? For Quincy drivers who want the freedom to customize and modify their vehicle later on, then buying is a more suitable option. However, leasing is a pretty simple and overall more affordable process than buying. Visit Shottenkirk Chevrolet for more car-buying tips to help you make the best financial decision.

Buy or Lease a New Vehicle at Shottenkirk Chevrolet

Still wondering, “Should I buy or lease?” Let’s take a step back and see why it’s so important to know what is an MSRP, and how it can affect your monthly payments.Contact us to speak with a member of our finance team and see which option is right for you.