Should I Buy or Lease?

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 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 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.