A hand is placing the block letter L to spell out leasing.

Don’t Worry, Here’s Everything You Need to Know Before Leasing a Chevy

Car-buying requires a great deal of investigation, analysis, and decisions to make once you are ready to purchase a new Chevy. If you haven’t already started the buying process, one thing you will need to do is determine your purchasing options and figure out which is best for you. Today, leasing has become a popular option for buyers due to its abundance of advantages – including exclusive Chevy lease deals. There are pros and cons to signing a lease, but we’re going to give you the rundown on leasing in preparation for making that initial car-buying decision.

Take Advantage of All That Leasing With GM Financial Offers

Leasing a vehicle through GM Financial has its perks. Sure, buying with a conventional loan has its advantages as well, but leasing opens the doors to a whole new world of vehicle options for you. Something that may have been out of budget for you with a conventional loan might be affordable with a lease – with or without the benefits of a Chevy lease deal. This means that you may be able to drive your dream car off the lot without breaking the bank.

If the idea of vehicle maintenance bothers you, leasing gives you the advantage of driving the vehicle during its trouble-free years during the manufacturer warranty. Not to mention, you then have the opportunity to relinquish it at the end of your set term. That means there’s no long-term commitment to the vehicle, nor the need for regrets or new model envy since you can just return the vehicle for a new lease or buying agreement after a few years. Leasing is pretty much like paying to borrow a new automobile for an allotted amount of time, and then you can give it back and get something new with little hassle.

A salesperson is holding out a toy car and a set of keys during a Chevy lease deal.

Every Rose Has Its Thorns: The Cons of Leasing a Chevy Vehicle

All good things come with disadvantages; leasing a vehicle is no different. Unfortunately, those who prefer to lease one model after another may get to drive a new car every few years and enjoy all the new features and technology that comes with newer model years, but they will also continue to have monthly car payments. Then, if during your lease term you decide you don’t like your vehicle anymore or if you can’t make the payments for some reason, breaking that contract could cost you thousands due to early termination fees.

If you’re a traveler or have a long commute to work each day, you also need to keep in mind that there is a mileage limit within the lease contract. Going over the specified miles in the agreement can cost you ten plus cents per mile at the end of the lease, which could make your budget-friendly choice not so affordable in the end if you are not careful. So, when determining if a lease is right for you, be mindful of your miles.

Another thing people do not realize at first is that the leased vehicle needs to be returned to the dealer in the same condition as when it left. That includes original floor mats and no added accessories like rain guards. So, if personalizing your vehicle is a must, make sure they are not permanent accessories, or you should definitely skip the lease.

Vehicles are expected to have normal wear and tear when they are returned at the end of the lease, but be prepared to drive around cautiously to avoid added costs for replacing expendable items like tires or rims or for repairs to things like large scratches. Anything deemed as excess wear will be charged to you at the end of the lease. It is crucial to read the fine print of the leasing agreement and be aware of all the stipulations and fees associated with a lease.

Buying vs Leasing: Similar to Comparing Apples to Oranges

Although leasing and buying a vehicle are both purchasing options, one is not necessarily better than the other per se. They are both in the same category but which is best for you all depends on your commuting habits and what your plans are with a new vehicle. The first thing you need to do when deciding between a loan and a lease is: figure out what your plans are with the new vehicle.

Do you need a car for your long commute to work or to drive just a few miles down the road here and there? Are you looking for a short-term commitment with a vehicle and its payments, or are you content with a payment for one vehicle that can last, on average, five-plus years? Do you prefer the freedom to treat your vehicle however you want by drag racing or off-roading with it and be able to personalize it whichever way you feel? Or do restrictions not bother you since you only need the vehicle to transport you and your family from point A to point B?

If you don’t usually put a lot of miles on your vehicle, then a lease would be beneficial to you since there are so many advantages that come with a lease. But, if traveling to an off-road park and taking your SUV or truck in the woods each year is a necessity for you, a lease will likely cost you more in the end. Discussing with your Chevy dealership the details of the lease versus a conventional loan, as well as your plans for a new vehicle, is important in deciding which is the best option for you.

A person is smiling and holding a set of keys out of their car window after getting a Chevy lease deal.

Choosing to Lease

Let your leasing journey begin, making sure to take full advantage of all of the benefits of a lease -starting with the available Chevy lease deals. Keep in mind, just because you are leasing and not buying does not mean there’s no negotiation room with the price or the monthly payments. Sometimes you can even get dealer discounts or added accessories on top of the lease deals with your agreement.

Once your lease term is up, it’s time for a new journey. You have the option to turn your vehicle in and get another lease or loan for a new Chevy model, or you can choose to buy your current lease vehicle. No matter what you decide, your dealership is the place to start the lease-end process.

If you haven’t decided on a lease yet and the end-of-lease charges seem intimidating, keep in mind that some of the fees and expenses that come with a lease can be waived. For one, the disposition fee. This is collected to help costs in preparing the vehicle for the next owner once your lease is returned. It may get waived by the dealer depending on what your plans are for your next purchase. Also, if you decide to buy your lease, you don’t need to pay a disposition fee nor any charges for excess wear or excess mileage.

When you’re looking into leasing a Chevy, try not to get overwhelmed. There are a lot of details and fine print to sift through, but if a lease seems to be the right fit for your purchase, it probably is. Just make sure you weigh all the pros and cons with your lifestyle and vehicle needs to make sure you’ll be the one benefiting from the lease.