Buying vs. Leasing in Chicagoland
At Sunrise Chevrolet, you have the option of buying or leasing a variety of new Chevy vehicles at our Chicagoland dealership in Glendale Heights. Both choices are quite different from each other and each has their own benefits and drawbacks. Ultimately, the decision will come down to personal preference. If you’re still undecided, here’s a look at buying vs. leasing.
Advantages of Leasing a Car
- Lower Monthly Payments – When you’re leasing, you are only paying to keep the vehicle for a certain window of time. This means the payments are going to be lower than if you were buying that car, so you could potentially afford to lease a more expensive car than you could buy.
- Always Have a New Car – By leasing, you can get a new car every couple of years. Leasing is a great choice for people who always want the latest technology.
- Maintenance – During the lease period, you’re protected from major repairs under the new car warranty. All you have to worry about is the basic stuff like oil changes.
- Depreciation – The dealer takes on the burden of the car’s depreciation, so you don’t have to worry about losing money in a sale.
Disadvantages of Leasing a Car
- Equity – While you have the option of buying a car after the lease has ended, you will not have any equity when you go to lease another vehicle.
- Down Payment – When leasing a car, you may have a down payment in addition to the monthly payments of the car. That’s money you can’t get back or carry over to your next lease.
- Mileage Restrictions – To control depreciation, leases have yearly mileage caps with penalties if you go over. That’s no problem for most drivers, but it could be an issue if you drive a lot.
Advantages of Buying a Car
- Pride of Ownership – There’s a certain feeling that comes with owning your own car, picking out the color, and driving it off the lot that’s not there with leasing. It’s like owning your own home vs. renting an apartment.
- Flexibility – When you own your vehicle, you can do whatever you want with it, whether that’s lots of long road trips, modifications, or anything else. With leasing, there are lots of restrictions on how you can drive because you’re really just renting the car.
- Selling With Equity – By owning your own car, you also have the right to sell whenever you want. That could be next year or ten years from now. There will also be value to your vehicle that can make the next car purchase a little easier.
Disadvantages of Buying a Car
- Depreciation – As the owner of the car, you’re stuck dealing with the depreciation that occurs over time. If you’re financing, you might be put in the position at some point where you owe more on the car than it is actually worth.
- Expensive Repairs – If you own your car after the warranty expires, you’ll be looking at some expensive repairs when something breaks down or has to be replaced.
- Behind the Times – Unless you’re in a great financial situation, most people can’t afford a new car every few years. That means you’re not always going to have the latest automotive technology.
Make the Final Buying vs. Leasing Decision at Chicagoland’s Sunrise Chevrolet
Whether you decide to buy or lease, Sunrise Chevrolet can help. We’re located in the western suburbs of Chicagoland, at 414 E. North Ave. in Glendale Heights. Visit our dealership or contact our sales team to learn more about the purchasing and leasing options at our dealership.