Leasing vs. Buying

Camaro Zone

You’ve finally selected the Chevy car, truck, or SUV you’ve always wanted. Now it’s time to decide how to pay for your vehicle. At our Chevy dealership in Chicago, IL, our customers have the option to buy or lease their new vehicle. Our team members are often asked which is the better option. Because buying and leasing a vehicle are completely different options, the route you take entirely depends on your needs. In this page, we’ll cover the pros and cons of leasing and buying so you can make the most informed decision possible.

Leasing Specialist

How Leasing Works

Leasing is incredibly different than purchasing a car. With leasing, you don’t own the vehicle. Instead, you pay monthly to use the vehicle for a term length you and the dealership agree upon. Only new vehicles are available to lease at our Chevy dealership in Chicago.

Chevy Loan Information

Buying vs. Leasing a Chevy

Are you uncertain about what the difference between buying and leasing means for a driver? We’ve put together a comprehensive guide to help you figure out which option works best for your budget and lifestyle.

Buying Leasing
A down payment, taxes, registration, and other fees are required. Up Front Costs Typically, a down payment, the first month’s payment, security deposit, taxes, and registration are required.
Although it varies, loan payments can cost more per month because you’re paying off the car. Monthly loan payments also include interest, taxes, fees, and other finance charges you agree to. Monthly Payments Lease payments are made on the vehicle’s depreciation, so the amount is usually lower than if you financed the vehicle. This allows drivers to afford pricier or better-equipped models.
All vehicles depreciate in price, but the cash value of the vehicle is yours to use. Future Value If you’re leasing, the future value of a vehicle has no impact on you financially, but you also won’t have any equity in it.
Dings and scratches will definitely make an impact on the vehicle’s resale value, but you don’t have to worry about every imperfection. Wear and Tear Besides normal wear and tear, the lessee is responsible for any additional damage to the vehicle when the lease is up.
After the loan term, you have no more payments. You’ll also own the vehicle, which can help you purchase your new vehicle. End of Term When your lease is up, you can either purchase the vehicle, or lease or buy another vehicle.

Lease Today at Mike Anderson Chevrolet of Chicago

If you’ve decided to take the leasing route, our team of friendly financial experts can help you find the best deal possible. We also offer a number of monthly leasing specials to get an even better leasing deal. If you’d like more information on leasing a vehicle at Mike Anderson Chevrolet of Chicago, send us a message via our online form, or give us a call at 773-465-2000.