January 27th, 2021 by

If you’re on the cusp of replacing your current set of wheels with something new, make sure you devote some time to thinking about how you’ll want to take it home. By this, we mean whether you should buy or lease your next vehicle! Since not everyone is familiar with the ins and outs of both avenues, the staff at Knoepfler Chevrolet is here to break it all down, so you have a better idea of which path is a more ideal fit for your lifestyle. 


Buying a Vehicle


Most of the time, when people decide to buy their next ride, they’re actually financing this purchase with a loan. With this type of plan, you’ll make a down payment and receive terms based on how much is left to finance. Once you make all the required payments, you’ll be the sole owner of your new or pre-owned vehicle, meaning that you can keep it for as long as you wish and pass it down to your kids if you want. Just be aware that you’ll need to keep up with various maintenance costs as the model ages.


How Does Leasing Work?


As opposed to paying off the full sticker price by financing a purchase, you could instead still get behind the wheel of a brand-new ride for a fraction of the cost by leasing it. With this avenue, you won’t have to spend quite as much each month on installments in order to enjoy the performance and features of a recent model, nor will you need to worry about dealing with expensive maintenance as much. However, the trade-off is that you’ll need to return the car, truck, or SUV to the dealership once your plan ends. In addition, you’ll be limited to a set yearly mileage limit, so be sure to keep that in mind.


Which Is Right For Me?


Choosing between buying and leasing comes down to a few key factors. The first item to consider is your spending limit. If, for instance, you’re low on funds but have your heart set on the latest iteration of your favorite model, then leasing could be a good fit. This also applies if you don’t do too much extended driving or plan on upgrading to something else in the near future. However, if you have enough saved up in the bank and wish to view your next vehicle as an investment, then purchasing it might make more sense. Either way, our Finance Department can assist if you have any questions!


Still trying to decide whether to buy vs lease in Sioux City, IA? If you’re stuck, let us help! Here at Knoepfler Chevrolet, we’ve already assisted countless clients with their financing and leasing needs, so we’re confident that we can lend you a helping hand as well. Just give us a call at 866-520-9856!  

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