Should I Buy or Lease?

Car dealer giving car key to buyer

You’ve probably been enticed by the suite of innovative technology and powerful performance found across the Buick, Chevrolet, GMC lineup, but you’re likely debating the question that plagues most car buyers, “should I buy or lease?” The team in our financing center at Bellamy Strickland Chevrolet Buick GMC are happy to lay out the basics to your car buying questions around Forsyth. You’ll find that neither is the ‘better’ option, just the right option for you. Compare leasing vs. buying to take home the car you love on Mcdonough streets. Apply for financing today!

Leasing vs. Buying: Costs Over Time

  • Considering leasing offers has the advantage of lower monthly payments. Your costs spent on taxes and down payments are also lessened, however, a new lease every few years means your payments won’t change much over the years. Yet, with a lease, the escalating cost of repairs as the vehicle ages doesn’t affect you. 
  • With financing, you have the chance to eventually eliminate monthly payments, and you have more affordable options when buying used. While drivers who finance will spend less than those who continue to lease, buying a vehicle means you’ll have to take care of raising repair costs as the vehicle ages. 

The Bottom Line: On average, Griffin drivers keep their vehicles for around three years. If you want to enjoy the latest features and latest Buick, Chevrolet, GMC models, leasing might be the preferable option. However, if full ownership sounds right for your driving experience, reach out to our finance team to discuss your financing options. 

Leasing vs. Buying: Mileage Limits

  • When you finance with the intent to purchase, you don’t have to watch your mileage as there are no mileage limits or restrictions to worry about.
  • Leased vehicles have to stay within a set mileage limit determined by the contract, or an additional fee will be paid at the end of the lease term. 

The Bottom Line: Those who need a car to take on the daily Hampton commute will find the majority of leases can fit their needs. However, if you want a vehicle that can take on your weekend adventures and family road trips, financing may be the better option. 

Leasing vs. Buying: Customization

  • Buying a vehicle, or financing its cost, means you have free reign to personalize your accessories with whatever catches your eye. If you’re looking to improve your performance with custom parts or upgrades, you’re welcome to do so. However, keep in mind some additions may void your warranty. 
  • While some accessories don’t affect the condition of the vehicle, you’ll need to keep a leased vehicle as close to factory condition as possible. The dealership still owns the vehicle, and will likely resell it after your lease ends. 

The Bottom Line: Your personal adventures should weigh into your decision. Many drivers are drawn to performance driving and vehicle customization, so if that’s a determining factor, leasing will give you more obstacles to worry about.

Leasing vs. Buying: Flexibility and Options

  • Financing offers flexibility. While you are locked into a contract, you still have the option to sell or trade your vehicle at any time (as long as the vehicle is worth more than you owe). You’re also able to refinance at your loan for a lower rate and keep your vehicle for as long as you want.
  • Leasing is easy and convenient. Your main concern with a leased vehicle is keeping it in good care, returning it back to the lease center at the end of the term, and selecting a new vehicle to lease. If you’ve enjoyed your vehicle over the lease term, you’re welcome to purchase the vehicle and take it home for good.

The Bottom Line: Many drivers find leasing to be the option for them because of the simplicity. However, others find a comfortable routine in maintaining and reselling a vehicle, and the money of your trade-in value can apply to your future new car purchase. 

Explore Car Buying Tips with Bellamy Strickland Chevrolet Buick GMC!

Don’t hesitate to reach out to our team at Bellamy Strickland Chevrolet Buick GMC if you’re still questioning “should I buy or lease?” Our knowledgeable team is ready to answer all your car financing and leasing questions, so you have to head out on Hampton streets in a model you love. If you’re shopping for affordable used cars, read about what mileage is good for used cars.

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