McCarthy Chevrolet Lee's Summit Blog

Decision Time: Should You Buy or Lease Your Next New Car?

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Choosing between buying or leasing a new car can be difficult, even confusing, especially for first-time shoppers. But with some acquired know-how, a repertoire of breathing exercises, and a trusted dealer working on your behalf, it doesn’t have to be! Here are the benefits of each option so that you can be prepared to sign on the dotted line with a little more confidence.

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Benefits of Buying a Car

Ownership—that’s the American dream, and it applies to everything from houses to businesses to cars. Aside from the pride that comes along with ownership, you can also expect to receive the following perks when purchasing a vehicle from our Chevy dealership near Kansas City:

  • No Restrictions – Unlike a lease, buying a car means zero limitations. You can drive your newly purchased vehicle as many miles as you’d like, add after-market accessories, or even paint it neon orange (if that’s your jam). If you travel long distances for work or like to soup up your ride, owning is the right choice.
  • Resale Value – Owning a car means equity, and equity means the potential to earn back money when you’re ready to upgrade. If you don’t mind selling your vehicle to a stranger or trading it into a dealership, buying makes more sense than leasing.
  • No Ongoing Payments – If you decide to finance a new car, initial monthly payments may be higher than a lease, but once your contract comes to an end, you’ll only have to pay out of pocket for auto service and regular car maintenance. If you’re into DIY and enjoy changing your own oil, it’s best to own your car.

In the end, buying a car is advantageous if you generally drive a lot, are adept at keeping up with maintenance and repairs, or want to get some money back when you’re ready to switch to a newer model. Plus, you can take advantage of any of our Lee’s Summit car dealership’s new vehicle specials!

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Benefits of Leasing a Car

A car lease is essentially the same as a rental home: you own none of the property, but also have less responsibility should an issue occur. Other benefits of a car lease include the following:

  • Low Monthly Payments – Unless you finance an older used car, leasing a new one typically means lower payments each month. This is because you’re paying for the vehicle’s leftover residual value. For example, if your new car is priced at $20,000 and its predetermined residual value after three years is $12,000, then you’re only on the hook for the other $8,000 (plus other taxes and fees). If you’re strapped for cash, you should consider leasing a car instead of taking out an auto loan.
  • Lease with No Money Down – Many car dealers will negotiate down payment amounts to $0 (by tacking that cost onto each month’s payment). If you’re just out of college and starting your first job, leasing with no money down is a great way to get over that whole “having money” obstacle.
  • Get a New Car Every Few Years – Most new vehicles are redesigned every few years, so if you plan well, you can lease a newly remodeled model each time your lease comes up. If you like having the shiniest toy in the neighborhood, it’s in your best interest to lease.
  • Low Repair Costs – All new vehicles come with extensive warranty coverage, which means you won’t need to pay for repairs unless they’re needed due to your own handiwork. All you’ll have to pay for is routine maintenance. If you like having a reliable vehicle and peace of mind knowing you can get from A to B, definitely lease a car.
  • Hassle-free Returns – With a leased car, you don’t need to jump through hoops to get it off your hands. Once your lease terms expire, just return it to your authorized lease turn-in center (or buy it outright). If you have a good rapport with your dealers, then you may even be able to carry over your lease terms and pricing to a newer model!

Leasing may leave you without any built-up car equity, but that’s a small price to pay for incredible reliability, lower monthly payments, and a long-lasting relationship with our Chevy dealership near Kansas City.

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Buy or Lease a Car at McCarthy Chevrolet in Lee’s Summit, MO

Whether you’ve made the decision to buy or lease, our new and used car dealership near Kansas City, MO, can point you toward the best vehicle based on your budget, lifestyle, and personal preferences. We have just about every new Chevy model imaginable, each of which can be leased, financed, or purchased, and hundreds of used cars for sale. Come see our selection in person and learn about your car loan and lease options today! Contact our Lee’s Summit car dealership at (816) 875-4678 or visit us at 945 SE Oldham Parkway.

 

Sources:

https://cars.usnews.com/cars-trucks/buying-vs-leasing

https://www.edmunds.com/car-leasing/should-you-lease-or-buy-your-car.html

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