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Should I Buy or Lease?

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One of the first decisions Henrico drivers will need to make when shopping for their next vehicle is to choose between leasing vs. buying. If it’s been a while since you’ve dealt with this conundrum, or you’re a first-timer, take a moment to review the difference between leasing and financing. Then, fill out a pre-approval and contact the financiers at Rick Hendrick Chevrolet Buick GMC Richmond! 


The Differences Between Leasing vs. Buying 

When you lease a vehicle near Glen Allen, you’re basically renting a car for a temporary amount of time and only paying for the depreciation that occurs over the length of your lease term. When you buy, you’re taking out a loan on the full value of the vehicle. While these are the two fundamental differences between leasing and buying, both strategies have a number of other unique pros and cons. Let’s take a look: 

  • Leasing: Because you’re only paying for depreciation, leasing requires a smaller down payment, less sales tax, and lower monthly payments. That said, it doesn’t allow you to build equity, so you won’t see funds from a future sale. You can also expect monthly mileage limits. 
  • Financing: When you finance, your payments go towards the full value of your vehicle. You can expect to make a larger down payment, pay more in sales tax, and make higher monthly payments. That said, you’ll see some of these funds returned to you when it comes time to sell. It’s actually the most cost-effective strategy, but it requires greater legwork. 

So, if you came here wondering, “Should I buy or lease?”, the most important thing to consider is whether you are looking to go easy on your monthly budget or make a long-term investment.

Discuss Leasing vs. Buying With Our Experts

If you’re still left wondering, “Should I buy or lease?” after reading our guide, just give Rick Hendrick Chevrolet Buick GMC Richmond a call at 844-415-1110. Our financiers can review your finances and needs, and help you navigate this tricky decision as you shop for a deal in greater %%target_ciy_3%%. If you have other car buying questions, take a moment to explore our finance and insurance guides for other helpful guides, like our overview of how to sell your car to a dealership

 

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Hendrick Vehicle Disclaimer:
$799 Dealer Processing Fee not included in advertised price.

Advertised prices EXCLUDE options added by the dealer and displayed on the vehicle’s window sticker addendum. Please contact dealer for additional details.

All prices exclude all taxes, tag, title, registration fees, government fees and electronic filing fee. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered. All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer. All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

Additional Disclaimers:



*Must take new retail delivery of a 2021/2022 Silverado 1500 with eligible GM or associated accessories by 10/3/22. Accessory purchase must be equal to or more than $1,000 MSRP. Excludes tax and installation. Not available with some other offers. **Not available with special financing and some other offers. Take new retail delivery by 10/3/22. *1.9% ARP for 60 months for well-qualified buyers when financed with GM Financial. Monthly payment is $17.48 for every $1,000 you finance. Average down payment is 11.5%. Some customers may not qualify. Take new retail delivery by 10-03-22. Available toward the purchase or lease of all 2021/Silverado 1500 Crew Cab Pickups, most 2021/2022 Blazer, Equinox, Trax and Trailblazer models, and most 2021 Traverse, Malibu and Spark models. Not available with some other offers. **Not available with special finance or lease offers. Take new retail delivery by 10-03-22.

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12050 W Broad St
Richmond, VA 23233
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Rick Hendrick Chevrolet Buick GMC Richmond 37.6588, -77.6309.