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Should I Buy or Lease?

Finance Paperwork with Glasses
When it comes time to purchase a new vehicle or used Chevy Equinox, you might find yourself deciding between leasing vs. buying your next car, truck, or SUV. There are benefits and drawbacks to both options, and here at Gwatney Chevrolet Company, we can help you decide what your best option is, whether you live in Jacksonville or Cabot.

Benefits and Drawbacks of Leasing

Deciding between leasing vs. buying a vehicle? When you lease, you are essentially renting the vehicle for the term of your lease.

Benefits

  • Lower monthly payment – When you lease a vehicle, your monthly payment will be lower than if you bought the vehicle.
  • Technology – Since leasing is typically less expensive, you are able to get into a newer vehicle with modern amenities.
  • Warranty – When you lease a vehicle, if anything mechanically fails, as long as regular maintenance is followed, factory warranties will cover almost everything from maintenance to repairs.

Drawbacks

  • Mileage limitations – Typically when you lease a vehicle, there are mileage limitations for the term of the lease.
  • Ownership – Since you are essentially renting the car, you will have to return it at the end of the lease.

Benefits and Drawbacks of Buying

Are you wondering if you should buy or lease your next vehicle? It’s something many of our shoppers struggle deciding between. When you buy a vehicle, you are making monthly payments towards a loan until you own the vehicle. Here at Gwatney Chevrolet Company, we have many options for you to buy, whether you’re from Sherwood or Little Rock.

Benefits

  • Equity – Once your loan on your vehicle is paid off, the cash value of your vehicle is available to you.
  • Mileage – There are no mileage limitations when you buy a vehicle.
  • Ownership – you can keep the vehicle for as long as you want.

Drawbacks

  • Monthly payment – In almost all instances, the monthly payment will be higher than a lease.
  • Maintenance – While new vehicles all have a factory warranty, once that warranty is up, you are responsible for any maintenance or repairs that can come up during ownership.

We Can Help You Lease or Buy Your Next Vehicle!

If you still find yourself asking, ‘should I buy or lease my next vehicle?’ after going through the pros and cons, you can rely on the finance team at Gwatney Chevrolet Company to help you make the best decision for your lifestyle. Before you stop by, take a look at our new vehicle specials or reach out to us with any questions.

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Gwatney Chevrolet Company 34.8798, -92.1129.
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