Peterson Chevrolet Buick Cadillac
12300 W Fairview Ave Boise, ID 83713-0026
Choosing your next vehicle involves more than deciding which Chevy, Buick, or Cadillac model you want. You'll want to decide whether to buy or lease your next vehicle. While both options have advantages and considerations, one may better fit your driving habits, long-term plans, and budget.
When you buy a vehicle, you're financing or paying for it with the goal of owning it. Once your loan is paid off, you own your vehicle outright and can continue driving it, sell it, or trade it in. When you lease, you're essentially paying to use a vehicle for a shorter term, typically two to four years. At the end of your lease, you can return your vehicle back to the dealership or potentially buy your lease out to keep it for the long haul.
Leasing can sometimes offer lower monthly payments because you're primarily paying for the vehicle's depreciation during the lease term rather than its full purchase price. Meanwhile, buying your vehicle may come with higher monthly payments, but those payments are building equity in your vehicle. When your loan is paid off, you can continue driving without a monthly payment.
Buying can be a good option if you plan to keep your vehicle for the long term. Plus, you can avoid mileage limitations and customize your vehicle to fit your personal preferences. When you're ready to get behind the wheel of something new, you can sell it or trade it in and use any available equity toward your next purchase.
Leasing can be a great option if you want to enjoy all the latest technology and upgrades in a newer model. With shorter lease terms, you can bring home a new model every few years. Plus, you can reduce your maintenance costs by opting for short-term ownership and accessing the manufacturer's warranty.
When your lease term ends, you have a few options. You can end your lease and return the vehicle to the dealership. At this time, you can either lease or purchase another vehicle or walk away empty-handed. You may also be able to buy the leased vehicle for a predetermined price set in your initial lease agreement.
You'll want to consider your average annual mileage when deciding whether to buy or lease your next vehicle. When you buy a vehicle, you don't have to worry about mileage limits. However, lease agreements usually include an annual mileage limit. If you exceed your allowance, you may be charged extra fees when you return your vehicle at the end of your lease.
If you plan to keep your vehicle for many years, drive a lot of miles, or want to build equity and eventually eliminate your monthly payments, you'll want to consider buying your next vehicle.
If you prefer a newer vehicle every few years, drive within the lease's mileage limit, and prioritize lower monthly payments, you'll want to consider leasing your next vehicle.
Before making a decision, we encourage you to sit down with our finance team to compare the full costs and terms. Our experts can help you review the numbers and determine which options suit your lifestyle and budget. Plus, you can explore our current new vehicle specials and lease deals for attractive offers on models you love.