Are you looking for a new Buick, Chevrolet, GMC for your daily drive? Before you make a decision, why not consider both financing and leasing? Both options have pros and cons, and depend on your personal preferences and many other elements. To help you throughout the research process, W-K Chevrolet Buick GMC in Sedalia, MO, has put together a comparison of leasing versus financing to help you find confidence in your decision. Need any additional information? Get in touch with our team online or by calling 660-530-4723.

Car Leasing

Pros of Leasing a Car

Affordability

Compared to financing, leasing a vehicle is more affordable. Monthly lease payments are typically lower than that of a finance payment.

Always in a New Vehicle

Do you love getting behind the wheel of a new vehicle every few years? Leasing a Buick, Chevrolet, GMC allows you the flexibility to do so without the hassle of having to list and sell a vehicle.

Fewer Repair Costs

Because leased vehicles are brand new, repair costs will remain low. If your vehicle needs a repair, the warranty will most likely cover it.

Ease of Trade-In

Once your lease is up, you simply drop off the vehicle at the dealership. You can lease a new car or even purchase the vehicle you were leasing.

Cons of Leasing a Car

Mileage Restrictions

The mileage you can put on a leased vehicle is limited. You can only drive the number of miles you agreed to, which appears in your lease agreement. If you go over the agreed-upon mileage limit, you'll be charged extra.

Wear & Tear Costs

Although normal wear and tear is covered, you will be charged extra for what the dealer considers excessive wear and tear on the vehicle.

You Do Not Own the Vehicle

Because you do not own your leased vehicle, you'll have to go through the process of either leasing another vehicle or purchasing a new one every few years.

Car Buying

Pros of Buying a Car

Equity

Once your car payments are completed, you'll own the car and be able to keep it for as long as you want or sell it.

No Mileage Restrictions

Even if you're still paying off your vehicle, you can drive as many miles as you want.

No Appearance Restrictions

Feel free to make your vehicle as unique as you want. Because the car is yours to keep, you can customize it to your liking.

Vehicle Trade-In Value

Whenever you want to get rid of your current vehicle, you can trade it in for cash or towards the purchase of another vehicle.

Cons of Buying a Car

Depreciation

When you buy a vehicle brand new, its value depreciates quickly. In fact, a car can lose up to 20 percent of its value over the first 12 months.

Higher Payments

If you purchase a new car, you're looking at a higher down payment and monthly payments as well.

Length of Time to Financially Benefit

Should you find yourself in a situation where you need to sell your vehicle earlier than expected, you may end up owing money on your vehicle in the end.

Added Repair Costs

As time goes on and your vehicle gets older, repairs are necessary. Older vehicles, depending on your maintenance schedule and care, are more likely to be in the shop more frequently than newer cars, and those costs can add up quickly.

Which Option is Right for Me?

When it comes to making a decision, it entirely depends on personal preference, budget, and other factors. If you hang onto a vehicle for years at a time, buying your next vehicle is a good decision. If you're looking for the latest technology, leasing a vehicle will give you more opportunities to update your vehicle every few years. If you're having trouble deciding, our financial experts are more than happy to assist you!

Let's Get Started!

Ready to move forward with the leasing or financing process? Check out our new vehicle inventory to see which models we have in stock, and fill out a finance application to get started with the car-buying process from the comfort of your own home. You can get in touch with W-K Chevrolet Buick GMC by calling 660-530-4723 should you have any questions.