BUYING VS. LEASING

July 8th, 2022 by

Looking for a new vehicle? Not sure of your options? Berger can help!

Whether you are looking to get into a brand new SUV or a powerful 4×4 truck, Berger is here to help you weigh your options. We understand that shopping for a new vehicle can be stressful and that’s why we’re here to break down the pros and cons of buying versus leasing your new ride. It’s important to remember that everyone’s life circumstances are different so if you have additional questions about your personal situation, please do not hesitate to reach out to us!
Ownership
Buying: It is YOUR car! Feel free to use the car how you want to!
Leasing: You are paying to use the vehicle, so it must be returned in good condition at the end of the lease!
Up-Front Costs
Buying: Normally has a higher down payment
Leasing: Less money up front (and oftentimes, no down payment)
Monthly Cost
Buying: Higher monthly payments, but you can customize it to your every wish.
Leasing: Lower monthly payments as you are only paying for vehicle depreciation over the lease term.
Mileage
Buying: No limits on your mileage make for endless road trip possibilities – just don’t forget to keep up on regular preventative maintenance like oil changes.
Leasing: If you have a short commute, leasing might be for you! Mileage limits can get expensive if you go over the allotted miles.
Maintenance
Buying: The responsibility is yours to upkeep your vehicle to make sure it lasts as long as possible! Our team will of course remind you when services are due, but if you plan to keep your vehicle for a long time, plan to visit our service department at least 1-2 times a year for routine maintenance. As the years go by, your visits may become more intense, such as brake replacement or engine repair.
Leasing: Servicing your vehicle regularly is essential when leasing. Since leases are only 2-3 years, your visits should be quick and easy. Keep in mind possible wear and tear charges if service is not kept up, or extra damages occur.
End of Term
Buying: Once your loan is repaid, you are all done! The vehicle is outright yours!
Leasing: You have options. Buy the vehicle you have been leasing, turn it in, or start a new lease on another brand new Chevy.

Still have questions? Come visit the Berger crew to talk about the best fit for you. Our financing experts are happy to walk through the options with you to make sure you are setting yourself up for financial success while getting your new ride!

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