Should I Buy or Lease a New Car?

2023 Chevy Traverse driving on dirt road

 

Are you debating leasing vs. buying when it comes to your next vehicle in Gurnee? Whether you’re looking at a new or certified pre-owned model, you might be wondering, “Should I buy or lease a car?” This is a major decision, and it’s something you should consider when it comes to your planned budget or needs.

At City Chevrolet Of Grayslake, we know that car buying is a time-consuming process, that’s why we’ve written pieces covering different auto topics. Whether it’s questions like “Are certified pre-owned cars worth it?” or “What is good mileage for a used car?” our goal is to provide as much information as we can so you can make the best decision possible. Read on below to learn more about leasing vs. buying!

Leasing vs. Buying a Vehicle

So, should you buy or lease a car? Leasing a car in Round Lake and beyond 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 amount of time. 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 vehicle, or end your lease.

Pros and Cons of Leasing a Car

Pros:

  • Lower Monthly Payments: You’ll generally have smaller down payments when you decide to lease a car in Grayslake.
  • 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: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some 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 always possess the latest vehicles and newest tech.

Cons:

  • Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
  • Constant Monthly Payments: You will have to maintain those monthly payments to keep your car and that’s going to be a constant during the time of the lease.

Pros and Cons of Buying a Car

Pros:

  • Ownership: You will always buy the car and once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you have the ability to do so.
  • Customize Your Vehicles: Leases have rules regarding what can be done with your vehicle in Grayslake. 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 to do so. Leasing your vehicle will mean less chance of this occurring.

Buy or Lease Your Next Purchase with City Chevrolet Of Grayslake

So, what is the proper answer to the question, “Should I buy or lease a car?” The truth is this entirely depends on what’s better for your budget and needs. You can also check out our new specials and pre-owned vehicle specials to see what catches your eye and provides a reliable option for driving around Waukegan. We look forward to seeing you at City Chevrolet Of Grayslake!

 

 

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