What’s Best, Buying Or Leasing A New Car?

What’s Best, Buying Or Leasing A New Car?

Very few new car buyers make the purchase using cash; this means that a decision must be made on how best to finance the deal. Many people of course arrange a car loan while others prefer to lease a Chevrolet in Naperville which is really just another form of financing. What makes most sense to you?

Benefits of leasing: If you have only saved enough for a minimal down payment leasing may be a good option. When you lease a car you will need anything from “nothing” to a few thousand dollars up front but even then, the down payment is often negotiable. Just remember, even with leasing, the smaller the down payment the higher the monthly lease payment.

Many lease terms are three years; this period coincides nicely with most new car bumper-to-bumper warranties. This simply means that repairs will be covered by the warranty, not out of your pocket. This does not mean that you do not have to pay for routine maintenance such as periodic oil changes; if you fail to look after the car while it is in your care you can expect to pay fees at the end of the lease.

Benefits of buying: If you are the type of person that looks after his car and likes to keep it for a long time then buying is the best option. When you buy a Chevrolet in Naperville it is yours; you won it once the loan has been paid in full. Although the lender owns the car until it is completely paid for, every payment that you make, you gain additional equity in the vehicle. This can be of significant benefit; cars today are very different than they were years ago; today a car can last many years. Once you pay for the car you can look forward to years of payment free driving, this approach is usually more advantageous than continually rolling over a lease, but you can rest assured the cost of ownership will go up due to increased maintenance and repair and your warranty by this time is no longer valid.

One great thing about buying a car is you can drive it as many miles as you want, there are no restrictions on mileage which is not the case with a leased car. If you do a lot of driving then buying a car is probably your best bet. Visit Hawk Chevrolet Cadillac of Joliet for more details.

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