Are you going back and forth between buying or leasing your new GMC? If so, then take our quick quiz to find out what's right for you! There are many factors to consider when deciding between buying a new vehicle or leasing one; that is why we have provided a quick questionnaire to make your decision easier.
There are many opinions out there as to whether buying or leasing is better when you want to drive a brand-new car, pickup truck or SUV. Of course, like anything else, often the decision comes down to personal factors, and there is no one-size-fits-all in the buy-vs-lease debate. The questions we have provided below will help you determine whether leasing or buying a new GMC here at Elhart GMC makes more sense for your given situation, lifestyle, budget and preferences. You can also contact our sales staff or visit our dealership in Holland, MI for further assistance. We are proud to assist Grand Rapids, MI area drivers with their new GMC lease or purchase!
You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
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You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
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There are plenty of benefits to both buying and leasing a vehicle, so let's delve into some of them now.
When to Buy & When to Lease?
When you purchase a new vehicle, you are free to customize the vehicle as you see fit; that includes adding new wheels, window tint, a trailer hitch, performance add-ons and more. If you drive a hefty amount of miles in a year -- say, 15,000 miles or more -- buying may be the better option for you. Leases typically have low mileage restrictions, often around 10,000 or 12,000 miles, so if you routinely drive more than the annual lease mileage, buying could give you the mileage freedom you crave. If you have been known to get emotionally attached to your ride; prefer to do your own auto maintenance or repairs; or dream of seeing your monthly payments dwindle to zero after years of driving, then buying your next vehicle makes a lot of sense.
Auto leasing has many benefits, too, not unlike car ownership. When you lease a vehicle such as a new GMC Sierra 1500 here at Elhart GMC, you can enjoy that new car smell more often, as leases typically last three years or 36 months. You will also enjoy peace of mind knowing that your new leased vehicle remains under its full warranty during your lease term. Both its powertrain and bumper-to-bumper warranty will likely not expire until after you have moved onto another leased vehicle -- or until you have decided to buy out said leased vehicle and become the owner. If you typically drive less than 12,000 miles a year and are open to trading ownership for lower monthly payments, then leasing is an option you should consider. Having the lower monthly payments of a leased vehicle also helps if you intend to drive a car that is out of your price range, or one that you can't quite afford to purchase. Lastly, if your company reimburses you for your car expenses or you are driving the vehicle for your own business, a lease could be a good option for you.