When it comes to buying or leasing a car the options can be confusing. To help you make an informed decision we have provided the information below. We hope you find it informative and useful.
When you buy the new Chevrolet or used car you pay for the entire cost of the vehicle. When you lease a new Chevrolet, you pay for only a portion of the vehicle's cost, which is the part you use during the time you are driving it.
Whether you pay for the car with cash, or finance it and make monthly payments either way it's yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.
Up-Front Costs
If you're financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.
Future Values
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance!)
End of Payment
Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.
You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.
Up-Front Costs
Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your payment you can always pay more upfront.
Future Values
In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.
End of Payment
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.
Best Cars to Lease
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.
The first question that goes through most people's heads when they visit Bozarth Chevrolet? "What do I want to get?" The second question? "How am I going to pay for it.
If you're a driver from the greater Denver-Metro area and you're thinking about that, you can rest easy knowing our finance center has affordable loan and lease options for drivers like you. We can help to explain the difference between them and help you decide which option sounds right for you.
When Denver and Centennial drivers buy a new or used model with a loan, it's exactly what it sounds like. You apply for a loan to cover the costs of the vehicle's price - whatever you can't pay for yourself. Loans can come with higher monthly payments, but you get to keep your vehicle as long as you want and use it however you want. Once the loan's paid off, you can enjoy years of payment-free driving.
Leasing is more about upfront savings. You don't actually own the vehicle and will need to return it after your lease term (usually 2-4 years) has passed. You'll also need to adhere to restrictions, such as an annual mileage cap, during your lease term. At the same time, you'll only pay for the vehicle's depreciation during your lease, resulting in a significantly lower monthly payment than you'd find with most loans. Convenient end-of-lease upgrade options also make it easy to transition into another new model once your lease comes to an end.
Are you an Englewood-area driver ready to get started with your next Chevrolet model? Contact the sales team at Bozarth Chevrolet today. We take pride in our status as a new dealership resource for drivers like you. We would love to answer your questions and set you down the path toward a loan or lease that fits your needs.
