Can leasing a vehicle really be a better decision to make? Choosing to lease Chevy models comes with many benefits over choosing to buy instead.
The Pros of Leasing a Chevrolet Vehicle
For the majority of motorists, leasing can be the wisest option for that new vehicle. So what advantages does leasing have over other methods of acquisition?
The biggest perk to leasing instead of purchasing is that the amount you pay for the car is significantly lower. Down payments are usually lower, with some contracts not requiring a down payment at all, so you save money right from the start. After this, your monthly payments will be lower as well. This is due in part to the fact that you are not obligated to pay the purchase price of the vehicle; you are instead paying for the use of the vehicle over a shorter period of time. It essentially turns into an automotive version of a “pay for what you use” philosophy.
Another perk to not paying the sticker price for the car is that you pay less in sales tax as well. Instead of paying tax on the full value of the car, you are only charged tax on your monthly payments. A lower monthly payment also means that you’ll have less to pay for tax in the long run.
Because it is usually cheaper every month this also means that you have more options for what model you would like. As an example, if you lease Chevy models, it is the difference between financing a Malibu versus leasing an Impala. This way you can drive the car you want, not the one you think you can afford.
Now that you’ve selected the model that you want, you can get that car fitted with all of the optional features you want with very little addition to the overall monthly cost of the car. This is once again linked to the fact that you are paying for the use of the car and not the full price of that car, which is the number to which all of the optional charges are added. Now, not only can you drive the car that you want for the price of a cheaper model, but you can also afford to have that powered sun roof, mobile hot spot, and dual-zone climate control that you’ve dreamed of having for your journeys.
This can potentially lead to increased savings as well. Some vehicles do offer optional extra features, such as a different engine or transmission, which could lower your fuel consumption. This way you may spend a little extra on the car, but you manage to save more money with each trip to the pump.
Drive the Newest Models
Another massive bonus with leasing your car is that you can take it to the dealer and swap it for newer models as they’re released without any headache of trying to trade in an old car for a new one. When you do this, usually the amount of money you’ve paid for your current car can be applied as credits on that swap, so not only do you get the newest model, but you also get it for no extra cost to you.
It doesn’t necessarily need to be the same model either. Suppose you’ve been leasing that Impala for the last two years, but you really have your eyes set on the next Camaro. Well, once it hits the lot, you can be there waiting to drive it away that day with no more fuss than simply swapping the keys and signing some paperwork.
Guaranteed Warranty of a Lease Chevy
Since the contracts usually only last between about three and five years, your car is always going to fall within the manufacturer warranty period. Therefore, you never have to worry about whether your car is no longer covered when you take it to the dealership or a mechanic for your regular maintenance. Also, nearly all leasing contracts contain mileage limits, so within the time-frame you shouldn’t have to worry about driving so many miles in your car that it is no longer covered for that reason either. This works well for the person that is adamant on ensuring that their car is in perfect, running condition and also helps to correct any errors that may occur during your possession of the vehicle.
Potential Tax Benefits
Imagine a situation where you are employed by a company that requires local travel for which you use your own vehicle or that you are self-employed and have to use your car for business purposes. If you lease a vehicle and use it for this purpose, the IRS allows you to use that lease as a business expense. You read that right! If you lease a car for business purposes, you are eligible to receive a tax break for it.
At the end of your lease there are usually three options available. The first option is to go ahead and trade it in for a newer model. This way you can use your car until the end and still swap it up for a new model without any hassle, confusion, or quality concerns. Another option is to turn in your keys and leave the car at the lot. With this option you are only required to pay a termination fee and whatever fees are associated with minor damage or stains that the car may have acquired throughout your time with it. After you’ve done that, you are officially free from any obligations with that car and can proceed to your next choice. The third thing that you can do at the end of your contract is buy the car. If you have grown attached to your car, you can request to purchase it instead of either of the other options. All you will be asked to do is pay the remaining balance of the car and it’s yours.