Should I Buy or Lease a Car?

Should I buy or lease a car? It’s a common question we receive at Coastal Chevrolet, but there is no one-size-fits-all answer for every driver. What may be best for one Bakersfield driver may not be the optimal solution for another. It really comes down to your driving needs and budget.

In the guide below from Coastal Chevrolet, we compare leasing vs. buying to help you make an informed decision when car shopping. We are here to guide you through the process every step of the way. 

Leasing vs. Buying a Vehicle

So, should I buy or lease a car? When you lease a car in Thousand Oaks, you essentially rent it for a long-term contract period. You won’t build equity as you would if you financed the vehicle. You’ll be paying for the ability to use a car during the lease period. 

When you finance a vehicle, you make your monthly payments until the vehicle is paid off. When that happens, it is officially yours. You can drive as much as you want without mileage limits, and you are free to customize the vehicle because it is not returned to the dealership. 

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: Leasing is generally more affordable for Ventura drivers. 
• Worry-Free Maintenance: Your vehicle will likely be covered by warranty for the full duration of the lease. 
• No Worries About Resale: When you’re leasing, you’ll just return the car when it’s time for something new. 
• Get a New Car Every Few Years: You have the opportunity to drive a brand-new vehicle with the latest features every couple of years. 

Cons: 

• Mileage Requirements: There are fees for excess wear and tear on the vehicle or if you exceed the mileage limits in your contract. 
• Constant Monthly Payments: You will have to maintain your monthly payments to keep your car, and that’s going to be constant during the entire lease period. 

Pros and Cons of Buying a Car

Pros:

• Ownership: You own the car outright once all of the payments have been made. You will then no longer have to worry about a monthly payment. 
• Customize Your Vehicles: You are free to modify your vehicle any way you like.
• No Restrictions: You are not limited by mileage restrictions. 

Cons:

• Higher Monthly Payments: Monthly payments are typically higher if you finance. 
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment. 

Buy or Lease Your Next Vehicle with Coastal Chevrolet

Now that you have compared leasing vs. buying a car, are you ready to start shopping in Santa Barbara? We’d love to help make your dream car a reality. Visit our showroom today to get started. You can also get in touch with us if you have any questions. Be sure to take a look at our new vehicle specials for added savings.