Leasing vs Buying at Maritime Chevrolet

Leasing a Vehicle

Since you already know about buying a vehicle – even if you’ve never purchased one before, here is some basic information on leasing. You can shop for a new vehicle just like you would when buying one. When you find a model you like, the finance team at Maritime Chevrolet will have you fill out an application for approval. You may be asked for a down payment, which can include using your current vehicle as a trade-in.

You’ll sign a contract for the lease just like you would if you were purchasing the vehicle. However, the term of the contract will probably only be two or three years. When you buy a vehicle, your loan term is usually between five and seven years. At the end of the lease term, you must either return the vehicle or pay the remaining amount owed. You can get a new vehicle to buy or lease when you return it.

Benefits of Leasing

Now that you know a little about leasing, let’s talk about the benefits. The biggest benefit is that you’ll have lower payments than if you were purchasing the same model. When you lease, the term is only for the difference between the sticker price and the value of the vehicle at the end of the lease. This amount is the depreciation of the vehicle during that time. You may pay other fees as well, but this is a simplified look at leasing.

Another benefit is that you can return the vehicle at the end of the term and lease another one. If you like to have the latest technology and drive the newest models, you’ll appreciate this feature. You don’t need to worry about repairs because the vehicle will be under warranty for the entire time you drive it.

Benefits of Buying

Though there are advantages to leasing a vehicle, you also get benefits when you choose to buy. The biggest advantage is that you own the vehicle. It’s yours, and you can make changes, add accessories, and do whatever you want. You also don’t have to worry about mileage limits or wear and tear like you do with a leased vehicle. Leased models have a limit of miles driven in a year and come with charges if you have excessive wear. You’ll pay extra if you go over the mileage or have any damage to the vehicle when you return it.

Let Maritime Chevrolet put you behind the wheel of a new vehicle. Our team will help you decide if leasing or buying is right for you. Contact us with questions or talk to our Finance Center for more information.

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