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Buying vs leasing at Gregg Young Chevrolet, INC.
Buying vs. Leasing a Vehicle
Which Option Is Right for You?
When it comes to getting behind the wheel of your next vehicle, deciding whether to buy or lease can be confusing. To help you make the best choice for your lifestyle, we’ve broken down the key differences between the two options below.
Buying a Vehicle
When you buy a new or pre-owned vehicle, you’re paying for the full cost of the car — whether upfront or through financing. Once your payments are complete, the vehicle is yours to keep, sell, or trade in.
Who Owns It:
You do. Whether you pay in full or finance the vehicle, ownership is yours once the loan is paid off. If you finance, you’ll make monthly payments to your lender until your balance is cleared.
Up-Front Costs:
Buying often requires a down payment, which can vary based on your credit and the lender’s terms. You can also use a trade-in to help reduce your total cost.
Future Value:
As the owner, your vehicle’s resale value depends on how well you maintain it. Keeping up with regular maintenance can help preserve your investment and maximize its future trade-in or sale value.
End of Payments:
Once your loan is paid off, your vehicle is fully yours — no more monthly payments. You’ll receive a lien release from your lender as proof of ownership.
Leasing a Vehicle
When you lease, you’re paying only for the portion of the vehicle’s value that you use during the lease term — typically 24 to 36 months. This often means lower monthly payments and the flexibility to drive a new vehicle more often.
Who Owns It:
The finance institution owns the vehicle — you’re simply paying to use it. Because you’re not financing the full cost, lease payments are usually lower than loan payments.
Up-Front Costs:
Most leases require minimal upfront costs. Typically, you’ll pay the first month’s payment, a security deposit, and standard fees and taxes. You can choose to make a larger payment upfront to reduce your monthly cost.
Future Value:
At the end of your lease, you simply return the vehicle — no need to worry about resale value. However, be mindful of mileage limits and wear-and-tear guidelines, as exceeding them may result in additional charges.
End of Payments:
When your lease ends, you have several options:
- Return the vehicle and lease a new one
- Purchase your leased vehicle for its residual value
- Trade in your lease early toward another model
Our finance specialists can help you explore all your end-of-lease options.