George Matick Chevrolet wants our clients to be educated in their automotive funding options.  Frequently our customers ask us questions about leasing versus buying their vehicle.  Here are some quick facts about both that may help you make a decision.  As always, we would be glad to discuss specifics and pricing for both options with you, just call (866) 667-5147.

Compare the basics of leasing and buying:

Lease

Buy

A lower monthly payment

Unlimited Mileage

Lower up-front costs

No wear and tear restrictions

Affordable payments on a vehicle with more options

Vehicle ownership

Driving a vehicle during its most trouble-free years

Driving your vehicle for many years

A new vehicle more often

Ability to make alterations to the vehicle's appearance

No resale or trade-in obligations

  

Leasing

Here are some details regarding leasing:

Up-front costs:
May include first month's payment, a refundable security deposit, a down payment and other miscellaneous fees.  This is not always the case, so you should check with your salesperson about current offers that may save you extra money.

Monthly payments:
Usually lower than traditional finance payments because you're only paying for the depreciation of the vehicle over the lease term, along with the other charges (i.e. monthly tax and borrowing charges).

Annual mileage usage:
12,000 miles for a typical lease.  You may buy more miles up front or pay per mile over the limit at the end of the lease.  Don't consider this a major restriction to leasing because additional mileage may be cheaper than you imagine: Ask your salesperson.

Excess wear and tear:
Usually assessed at lease end: Ask your salesperson or our Collision Center for further details.  Maintenance and repairs are your responsibility.

Insurance:
Required for the amount of coverage specified by your lease.

Buying

Here are some details about buying:

Up-front costs:
Down payment, registration fees, and other charges may apply.

Monthly payments:
Usually higher than lease payments because you're paying for the entire purchase price, taxes, and finance charges.

When payments end:
You own your own vehicle.  You can choose to keep it, sell it, or trade it in.

Wear and tear:
Is your responsibility.  In excess, it may lower your trade-in or resale value.

Insurance:
Coverage is required for the amount specified by your finance contract.

To change vehicles:
Once fully paid for, you must sell it yourself, or negotiate a trade-in price when buying or leasing a new vehicle.

Annual mileage usage:
Unlimited.  Drive as far and as often as you want.  Keep in mind high mileage may affect trade-in or resale value.


We are always here to answer questions for you.  Please give us a call today if you'd like to hear more about your options and how each specifically can apply to your situation and needs.


specific content supplied by GMAC
George Matick Chevrolet
14001 Telegraph Road
Redford, MI 48239
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Phone: (866) 667-5147
Email: Contact Us
Fax: (313) 794-2780