Leasing vs. Buying Cars: How Should You Finance Your New Vehicle?

There are many financial routes and options Cary drivers can take when they’re shopping for new vehicles. Two common methods most car shoppers use to acquire a new vehicle are financing and leasing. This causes many of our customers to ask, “should I buy or lease a new vehicle?” If you’re stuck choosing between leasing vs. buying a new vehicle, see which is best for you using this guide brought to you by the financial specialists at Hendrick Chevrolet Southpoint. Get the automotive financing that works best for you today at Hendrick Chevrolet Southpoint! Apply for financing or visit our finance center for face-to-face service!

Buying New Vehicles

Buying or financing new vehicles is the option that Raleigh drivers take because it helps them out in the long run! Most auto financing ranges from 60 to 72 months of monthly payments. Once the vehicle is paid off, it’s your property!

There are far fewer stipulations that you have to abide by when you choose weight leasing vs. buying. Check out some facts that are helpful to know if you’re asking, “should I buy or lease a new car” below:

• When you buy a vehicle (or finance its full cost), you can add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose, although doing so may void your warranty.
• Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions like with leasing.
• Financing gives you a chance to eliminate your monthly payment entirely, and buying used is often more affordable than leasing new. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs tend to grow as a vehicle ages.
• Financing offers flexibility. You’re locked into a contract, but you can sell or trade-in the vehicle at any time (provided that the vehicle is worth more than you owe). You may also be able to refinance for a lower rate down the line. And of course, the vehicle is yours to keep for as long as you like.

Leasing New Vehicles

While many Chapel Hill-drivers choose to buy new cars, leasing might be the best option. But how do you know if it’s right for you and your family? Leasing new cars allow you to get behind the wheel of the latest model vehicles without having to go through the usual car buying process! Learn more facts about leasing below and see if it’s the better option for you:

• Leasing offers lower monthly payments off-the-bat, all other things being equal. You’ll also spend less on taxes and down payments. However, if you start a new lease every few years, your payments won’t change much over the years. However, you won’t have to worry about escalating service or repair costs.
• Those who lease their vehicles will have to stay within certain strict boundaries or pay a fee when their lease term comes to a close.
• When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it after it leaves your hands.
• Leasing is easy and convenient. Just take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. You might also have the option to buy out the lease and bring your leased vehicle home for good.

Discover Your Car Financing Options at Hendrick Chevrolet Southpoint

If you’re unsure if leasing vs. buying is the best option for you, visit us at our Durham finance department, where an expert will give you a rundown of the best options for you and more. Contact us today!