Having difficulty deciding whether to lease or finance your next vehicle? There are potential benefits to each. Financing may seem to be the most popular option. However, leasing can be a great option for those who prefer to have a new vehicle every few years. The knowledgeable finance staff at Emich Chevrolet can provide you with valuable information regarding both purchase and lease options.
Financing --
Pros
* You will usually have smaller monthly payments when leasing
* You often don’t need as much down payment
* You can switch to another model/brand/style of car after your lease runs out
* You own the vehicle after you finish making all your payments
* There is no limitation to how many miles you can drive
* You can usually make modifications to the car
* You can build equity in the car
Cons* There is no limitation to how many miles you can drive
* You can usually make modifications to the car
* You can build equity in the car
* The value of the car that you choose goes down almost immediately after you purchase
* You often need a down payment, whether that be in cash or from a trade-in
* You often need a down payment, whether that be in cash or from a trade-in
Leasing --
Pros* You will usually have smaller monthly payments when leasing
* You often don’t need as much down payment
* You can switch to another model/brand/style of car after your lease runs out
Cons
* You can not make modifications to the car
* You will most likely have mileage restrictions in place
* You must give the vehicle back after the lease time is over, therefore you have no equity in the vehicle
* You can not break a lease without meeting specific requirements
Whether to purchase or lease is a personal choice and depends on several factors. Neither option if better than the other so evaluate your specific situation to establish which option is the best for acquiring your new vehicle.
* You can not make modifications to the car
* You will most likely have mileage restrictions in place
* You must give the vehicle back after the lease time is over, therefore you have no equity in the vehicle
* You can not break a lease without meeting specific requirements
Whether to purchase or lease is a personal choice and depends on several factors. Neither option if better than the other so evaluate your specific situation to establish which option is the best for acquiring your new vehicle.
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