Should I Buy or Lease?

While you might have a handle on what vehicle you want to drive in Oklahoma City, you might not know whether to buy or lease your next vehicle. Learn more about both the buying and leasing processes with our finance team at Eskridge Chevrolet and you’ll be one step closer to driving off in your favorite Chevy model.

Leasing vs. Buying: Long and Short-Term Costs

• 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.
• Financing gives you a chance to eliminate your monthly payment entirely, and buying used is often more affordable than leasing new. Guthrie 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.

Typically, drivers keep their vehicles for an average of three years at least. So if you enjoy keeping up to date with the latest technology features, leasing might be the preferred option. 

Leasing vs. Buying: Mileage & Restrictions

• Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
• 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. 

If you tend to take longer trips out of Perry, leasing might not be the right option. However, if you typically drive around town and don’t enjoy long rides, then leasing could be a great choice.

Leasing vs. Buying: Total Ownership and Customization

• 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.
• 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 vs. Buying: Freedom, Options, & Processes

• 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 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.

Leasing is pretty simple and allows you to drive newer vehicles every few years once the lease ends. If you’re comfortable with maintaining your vehicle and reselling it in the future to upgrade, the money you get for trading in your vehicle could help offset future costs.

Explore Leasing and Financing Options at Eskridge Chevrolet

Apply for financing today or contact our finance team with any questions in the meantime. We also offer new vehicle specials and lease deals to help you save more on your favorite model. Contact us today and get the process started on a new or used Chevy in Guthrie.