Should I Buy or Lease?

Are you debating leasing vs. buying when it comes to your next vehicle in McCook? Whether you’re looking at a new or pre-owned model, you might be wondering, “Should I buy or lease a car?” This is a major decision, and it’s something that you should consider when it comes to your planned budget, needs, and Ogallala lifestyle.

Should I buy or lease a car? We hear that question asked often from Gothenburg drivers who visit our dealership. No matter if you’re a first-time car owner or a veteran, you might be faced with this hard decision. There are many advantages to buying and leasing, but ultimately it depends on your driving needs and budget. Let our team in North Platte help you sort out leasing vs. buying. Should you decide to buy or lease a car, check out our new vehicle specials for savings on your next purchase.

Leasing vs. Buying a Vehicle

So, should you buy or lease a car? Leasing a car in McCook and beyond is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. You won’t build equity as you would from outright buying the vehicle.

You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller down payments in general when you decide to lease a car in North Platte.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Cons: 

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car and that’s going to be a constant during the time of the lease.

Pros and Cons of Buying a Car

Pros:

• Ownership: You will always buy the car and once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you have the ability to do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Chevrolet vehicle in North Platte. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Buy or Lease Your Next Vehicle with Jerry Remus Chevrolet

So, what is the proper answer to the question, “Should I buy or lease a car?” The truth is this entirely depends on what’s better for your budget and needs. When you’re looking to upgrade your Ogallala ride, and you’re working on a budget, it can be hard to know what option is right for you.

In terms of leasing vs. buying, there are many differences, and which one you choose will largely depend on your specific Gothenburg needs. When you’re ready explore our new inventory, apply for financing, and contact us to schedule a test drive at our North Platte dealer!