Should I Buy or Lease?

When you need a new car for your Big Lake commute, it can be difficult to decide whether it’s best to lease or finance it. Well, the answer to “should I buy or lease?” may depend on your particular needs. Neither choice is ‘better’ than the other, but one will likely be a better option for you. The finance team at Cornerstone Chevrolet has laid out the basics for you below!

Leasing vs. Buying: Long-Term & Short-Term Costs

• Leasing means lower monthly payments from the beginning when everything else is kept the same. You also spend less on taxes and down payments. You won’t have to worry about escalating service or repair costs either. The trade-off is that if you start a new lease every few years, your payments won’t change much over the years.
• Financing gives you a chance to eliminate your monthly payment entirely once you pay the car off, and when you buy used it’s often more affordable than leasing new. In the long run, St. Michael drivers who pay off their financed vehicle spend less than a driver who continues to lease, but they are responsible for the repair costs which will grow as the vehicle ages.

The Bottom Line: On average, most Chevrolet drivers keep their vehicles for about three years. Everyone wants to enjoy the latest features, or get the next upgrade. If you feel this describes you, leasing will likely be your preferred option. If you find out this is the car of your dreams, you can always calculate the lease buyout and try to buy it towards the end of your leasing period! If you’re set on full ownership, our finance team can help you explore options.

Leasing vs. Buying: Mileage & Restrictions

• Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
• Those who lease their vehicles will have to stay within certain strict boundaries, or pay a fee when their lease term comes to a close.

The Bottom Line: Those who don’t often drive long distances will find that most leases are suitable for their needs. If you love weekend trips or lengthy road trips, financing will fit you better.

Leasing vs. Buying: Total Ownership and Customization

• When you buy a vehicle (or finance its full cost), you can add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose, although doing so may void your warranty.
• When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it after it leaves your hands.

The Bottom Line: If you like to drive off-road, are interested in performance driving, or in customizing your vehicle, leasing will put obstacles in your path.

Leasing vs. Buying: Freedom, Options, & Processes

• Financing offers flexibility. Even though you sign a contract when you finance, you can sell or trade the vehicle at any time (provided that the vehicle is worth more than you owe). You could even refinance for a lower rate down the line. Lastly, the vehicle is yours to keep for as long as you like.
• Leasing is easy and convenient. All you need to do is take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. There is sometimes also an option of buying out a lease so that you bring the vehicle home for good.

The Bottom Line: Buffalo drivers are often drawn to leasing because of its simplicity. It’s similar to renting a vehicle long-term. However, if you’re comfortable maintaining and reselling a vehicle, trading it in can help offset future costs.

Lease or Finance With Cornerstone Chevrolet

Once you’re ready to move forward with acquiring your new vehicle, check our current leasing and financing offers. You can also apply for financing online. If you have any questions, contact us, and we’ll be happy to help.