WHY LEASE A VEHICLE?
Freedom of Choice
Leasing is all about choices. When you lease, you have the freedom to drive a new vehicle every couple of years and don't have to deal with the hassle of selling or trading in the vehicle.
A typical lease term lasts from 24-60 months. Shorter terms allow for more affordable payments while allowing you to choose your mileage. Lessees are typically allowed 12,000 or 15,000 miles as year, but if you want a higher limit, you should be able to choose more at signing.
Because you're leasing the vehicle for a limited amount of time, you may find your financial responsibility and monthly payments are significantly more manageable. Plus, if you're unable to make a large down payment, leasing might be the best option for you as some leases do not require a down payment.
Most leases last for two to three years, and your vehicle is usually covered with warranty protection for as long as you drive it. That means more peace of mind for you!
Returning your lease is simple. All you have to do is return the vehicle and pay any remaining fees (excess mileage or any wear and tear, for example) and taxes. If you decide you don't want to part with your vehicle at the end of the lease, you can buy it at a predetermined price. It's yours to keep!
WHY BUY A VEHICLE?
Owning your vehicle is the main benefit of buying a new vehicle. If you plan on driving your vehicle for an extended amount of time, then buying is your best option. You'll also be able to customize your ride so it's tailored specifically to your lifestyle.
No Mileage Limitation
Mile restrictions do not apply when you own your vehicle, while leasing requires that you decide in advance how many miles you'll drive each year. When you buy, you have the freedom to drive as much as you want and as far as you want without worrying about collecting mileage fees.
When you buy your vehicle, you can either finance it or buy it outright. If you buy outright, the vehicle is yours immediately and you won't have to deal with monthly payments. If you choose to finance instead, you'll have an extended amount of time to pay off the vehicle. For the best financing experience, we recommend that you find the most affordable, dependable and competitive rates possible. Ask us about our financing options at Milton Ruben Chevrolet!
When you complete your payment schedule, typically in four to six years, you own your vehicle. You can keep driving for as long as you desire without any further payments, or sell or trade it at any time. Once you own the vehicle, you are no longer making monthly payments, which means you could potentially place those same funds toward your savings.
After you've paid off your vehicle (which usually takes four to six years), the vehicle is yours! What you do next is your choice, whether you keep driving it or end up selling or trading it in. Pro tip: once you're finished making monthly payments, you could put the same monthly amount towards your savings account!