Should I Buy or Lease?

Signing Finance Documents for Car

If you are looking to buy or lease a vehicle but you are not quite sure which option to go with, then read our guide at Parks Chevrolet. Allow us at our Wichita dealership help you determine the long and short term costs, mileage restrictions, and total ownership of leasing or buying. Use our Shop Click Drive tool to get the process started. 

Long and Short-Term Costs Of Leasing Or Buying

Most Derby drivers keep their new vehicle for up to three years, because they want to move on to a newer model. Let us break down some of the long and short-term goals of leasing or buying here: 

  • A positive for leasing is that there are lower monthly payments, where you will typically spend less on your taxes and down payments. Starting a new lease every few years can ensure that you won’t have to deal with escalating repair costs. 
  • Buying and financing is great if you want to eliminate monthly payments entirely. Buying used and financing typically go hand in hand, and buying used is synonymous with savings. Typically, the biggest downside is the higher cost of service and repairs over time. 

Leasing vs. Buying: Mileage & Restrictions

When it comes to making the decision of lease vs. finance, you should consider mileage restrictions:

  • Those who finance will not have to worry about mileage limits or restrictions in the slightest.
  • Those who will lease will have stricter mileage boundaries, or pay a fee when the lease comes to a close at the end of its term.

Leasing vs. Buying: Total Ownership and Customization

Read more to learn about ownership when it comes to leasing or buying: 

  • When buying/financing a vehicle, you can add any accessories whenever you want. Aside from possibly voiding your vehicle’s warranty, there’s no restriction on modifying your vehicle.
  • When leasing, you’ll have restrictions on the accessories you can add onto your vehicle. 

Explore Leasing and Financing Options

If you are wondering more about whether you should buy or lease, speak with our finance center or apply for financing from the comfort of your own home.