Is It Better to Buy or Lease a Car?

If you’re looking for a new ride in the Coon Rapids area, the first thing you’re probably wondering is whether leasing a car vs. buying it is the best option. There’s no one right answer to this question – it all depends on your unique circumstances – but we can give you some key advantages and disadvantages to each choice. The finance team at Morries Forest Lake Chevrolet has put together a guide going over the process of leasing a car vs. buying below, so you can stay informed as you shop for your next vehicle. Check it out, then head to our inventory to see what we have available!

Leasing vs. Buying: Cost Comparison

• Leasing: If you’re planning on starting a new lease every few years and want to keep up with the latest models, then leasing probably fits into your financial situation. This keeps your service and maintenance costs relatively stable, particularly if you plan on upgrading to newer versions of the same car.
• Buying: Buying a car is a better choice for drivers who want more financial freedom–you can either buy the car outright or pay it off through financing, but once it’s paid off, it’s yours. Buying also works better for drivers who want to keep their car for a long time rather than upgrading frequently.

Leasing vs. Buying: Mileage Restrictions

• Leasing: Your lease term will include mileage boundaries that you have to stay within each month–going over these limits will result in having to pay a fine.
• Buying: As we discussed above, once you buy a vehicle, it’s yours to keep. There are no restrictions or rules attached!

Leasing vs. Buying: Customization

• Leasing: Just as with mileage, your lease agreement will set restrictions on how much you can customize your vehicle. The dealership still owns the car, so they won’t want you to make excessive changes, accessories, or alterations.
• Buying: If you own a vehicle, you can customize it to your heart’s content! Just make sure you don’t make any alterations that unknowingly void your warranty.

Leasing vs. Buying: Flexibility

• Leasing: At Morries Forest Lake Chevrolet, we do our best to make the leasing process as easy and stress-free as possible. When your lease is up, we give you the option of upgrading to a new model, walking away, or potentially buying out the lease and keeping the vehicle for good!
• Buying: Even if you haven’t fully paid off your vehicle yet, you may be able to sell it back to us or trade it in for a new model–as long as you owe less than the vehicle’s current worth. This gives you a bit more flexibility than leasing, since you’re not usually able to get out of your leasing term early.

Explore Your Finance Options at Morries Forest Lake Chevrolet

If you have any questions about the benefits and drawbacks of leasing a car vs. buying, feel free to contact our office! You can also stop by our dealership to talk to a member of our finance team in person – we’re conveniently located near St Paul and Minneapolis. If you’ve made up your mind and want to move forward with the buying process, you can apply for financing right from our website!