Buying VS Leasing
Buying vs Leasing
At Clay Cooley Chevrolet of Irving
Searching for a new vehicle means making several big decisions. We see Chevy shoppers in Irving from across the DFW area asking themselves a number of questions. What color do you want your new vehicle to be? Do you prefer a car, truck, or SUV? What kind of features and upgrades should your vehicle have? Should you buy or lease your new ride?
The last question can be a tough decision for some shoppers because it determines quite a bit about the future of your vehicle and you as a driver. Let Clay Cooley Chevrolet break down some of the pros and cons of both buying and leasing a new Chevy to help you make the decision that's best for you.
Buying a New Chevy
Benefits:
- Less worry about your car's condition
- No limit on mileage
- Full ownership of your vehicle
- Ability to customize accessories
- Factory warranty to cover major repairs
How much do I pay?
When you finance your vehicle purchase, your monthly payments will be determined by the vehicle price, amount of your down payment and trade-in value, interest rate, and length of the finance term.
How long does my finance contract last?
Usually 36-72 months, though there are now some options for 84 month financing
How many miles can I drive my vehicle?
There are no restrictions to mileage. However, keep in mind that more miles driven tends to lower resale or trade-in value.
Can I customize my vehicle?
Add accessories to your vehicle at any time.
What happens at the end of my finance contract?
You will receive your title, lien release, or a letter from us indicating your lien has been released electronically after your final payment has been processed.
At this point, you own the car, free and clear. You may keep, sell, or trade it.
Leasing a New Chevy
Benefits:
- Payments are usually lower, compared to financing a purchase
- Opportunity to drive a new car every two to three years
- Factory warranty to cover major repairs
How much do I pay?
Leasing a vehicle means only paying for the portion of the vehicle you use over the course of the lease. Think of it as a long-term rental agreement. A lower down payment, or none at all, may also be possible when leasing.
How long does my finance contract last?
Usually 24-48 months, quite a bit shorter than most loan repayment terms
How many miles can I drive my vehicle?
You determine the amount of miles allowable during the lease term negotiation before you sign the contract. You may buy additional miles up front rather than going over. Between 10,000 and 15,000 miles per year is typical, based on standard usage. You may incur additional charges on any excess mileage.
Can I customize my vehicle?
Only when your lease begins with approved accessories.
What happens at the end of my finance contract?
You may purchase your leased vehicle or return it to Clay Cooley Chevrolet and purchase or lease a new Chevy.