BUYING VS. LEASING: WHICH IS RIGHT FOR YOU?

It's important to know what you want to do when it comes time to invest in a new Chevy! We strive to keep our customers as informed as possible, especially when it comes to such a big decision like whether or not to buy or lease your next Chevy, so we've outlined the differences between the two! As always, give us a call with any questions you may have: (315) 866-5080.
 
DISCOVER YOUR OPTIONS WHEN BUYING OR LEASING AT STEET PONTE CHEVROLET
When you're going through the buying process and finding a new vehicle, you have to decide whether buying or leasing is the best choice for you. Each one has plenty of merits. It's a common question we get asked here at Steet Ponte Chevrolet and our goal is to help all those who come in to our showroom in Herkimer, from Utica to Whitesboro, Ilion and Little Falls, NY find out if buying their new Chevrolet or leasing it is the right plan for them.
To do that, we'll go over what both buying and leasing means, and provide some examples of the person each scenario might benefit. Of course, the power is in your hands. Our team always strives to put your interests first and will make sure you arrive at the right choice for you while presenting all the options in a clear and transparent manner.

Leasing a New Chevrolet
When you decide to lease, you're agreeing to pay a percentage of the vehicle's worth over a set period of time, which is usually three to four years for standard lease agreements. In general it doesn't require a much of a down payment, and the leasing monthly payment is usually lower than when you purchase, on average. Leasing provides you with a chance to get behind the wheel of the newest Chevrolet vehicles whether it's the Malibu, Traverse, or Silverado 1500 and enjoy all the quality attributes with a monthly payment that is affordable for most drivers.
Given the limited term of three to four years, leasing does mean that you also get coverage from Chevy's maintenance and service warranties, making servicing your vehicle with us a smooth process. It does also mean that you have to adhere to wear and use guidelines. That means keeping up with your service and ensuring there aren't any major cosmetic damages both on the exterior and interior of the vehicle. There's also mileage restrictions as well. It usually equates out to around 10,000 to 12,000 miles per year, which is well below what most people drive in a given year. However, going over this mark can incur overage fees.
A lease of a new Chevrolet also gives you flexibility. When your lease terms are up, you can decide to enter a new lease of a brand new Chevy. If you like your current leased vehicle enough, you can also purchase it at its remaining resale value. Or, you can simply turn it in and go in a different direction. This is where leasing benefits drivers who seek out low payments, don't do a high amount of driving on a yearly basis, and want to explore their options and upgrade every few years.

Buying a New Chevrolet
If you're deciding to buy, you still have flexibility. You can choose how much you'd like to apply for a down payment, which impacts your monthly payment after financing to give you the ideal pricing that suits you. Buying also puts you on the full path to owning the vehicle. After you have paid off the loan through the monthly payments, the vehicle is completely yours and you have no more car payments to make. There's also no wear and use or mileage restrictions, so if you're a driver with a long commute or you are the type of person who likes to load up a vehicle like the Spark or Equinox and head out on road trips exploring well beyond our borders in the Utica area, you can without worry of added fees.
When you buy, you're able to give yourself long-term planning. Most people who buy are the types who know they're going to be driving a lot, or take very good care of their vehicles for many years so they'll last quite a long time and many miles. With new Chevrolet vehicles, you can also feel good buying because the quality is one that lasts as you see plenty of Chevy SUVs and trucks out on the road for long periods of time, and retain value too.

Learn More About Buying and Leasing a New Chevrolet Today
If you'd like to discover all your options, contact us at Steet Ponte Chevrolet. We'd be happy to provide more details, answer any questions you might have and discuss the buying and leasing options as they pertain to you in greater detail when you chat with our financing team.


Lease & Purchasing Terms & Definitions
Lessee: The person(s) who enters the lease; the person(s) responsible for payment of the lease.
Lessor: An entity that leased personal property under a lease; in a traditional dealer-originated lease, the dealer is the original lessor and the lease is assigned to a subsequent lessor, such as a captive finance company or bank.
Acquisition Fee: A fixed dollar amount that is charged by the lessor that offsets some of the costs related to setting up a lease account.
Closed End Lease: A lease in which the lessor is responsible for the difference between the residual value and the realized value provided that the lessee retains the vehicle until the date of maturity. The lessee may still be responsible for excess mileage, wear and use.
Disposition Fee: A fee charged by the lessor at time of termination to process the return of the vehicle.
Excess Mileage: Mileage which exceeds the standards for normal use listed on the lease agreement, for which a lessee may be charges when the vehicle is returned.
Excessive Wear and Use: Damage that exceeds the standards for normal use listed on the lease agreement, for which a lessee may be charged when the vehicle is returned.
Residual Value: The estimated value of the vehicle at the end of the lease; this value is used to determine a portion of the monthly payment.
Down Payment: Cash paid up-front by a borrower to reduce the amount financed in a lease or loan. While a large down payment can reduce your monthly payments, it also likely will be forfeited in the event of a totaled or stolen vehicle.
Annual Percentage Rate (APR): Also called a finance rate, this is the interest rate on a loan; a percentage of the amount borrowed that a lender charges annually for the use of its money.

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