Leasing vs Buying

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Once you’ve picked out your next Chevy car, truck, or SUV from the new vehicle inventory at Mike Anderson Chevrolet of Merrillville, it’s time to decide between leasing vs. buying. There are benefits to each type of payment plan, so keep reading to learn more about the differences between buying and leasing a new Chevy from our dealership in Merrillville, IN.

Through the Chevy financing center at our dealership in Merrillville, IN, you will have access to a team of experienced finance experts ready to help you every step of the way. You can apply for financing online from your own home or office, and use our credit score estimator to find out where you stand ahead of time.

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How Leasing Works

Leasing a Chevy at our dealership in Merrillville, IN is an excellent way to experience the excitement of driving a new model with the latest in tech, safety, and performance features. Leasing typically lasts several years, includes a low monthly payment, and often contains extensive warranty coverage. Since you’re only paying for the vehicle for the period of time you drive it, you won’t need to worry about long-term depreciation. At the end of your lease, you’re free to return it to the dealership or opt to buy the vehicle.

Explore lease specials now to find out how you can save.

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Buying vs. Leasing a Chevy

Choosing between buying vs. leasing a vehicle from our Chevy dealership in Merrillville, IN is an important decision, so we’ve created a direct comparison for you. If you have any questions, reach out to a product specialist at Mike Anderson Chevy of Merrillville at 219-947-4151.

Buying Leasing
You own the vehicle outright once you fulfill the terms of your finance contract. Ownership Once your lease term ends, you can buy the vehicle, trade it in and lease a new vehicle, or return it to our dealership.
The down payment is typically higher for buying than for leasing. Down Payment Your down payment depends on how you structure your lease, but tends to be lower than buying.
Your contract does not limit mileage, although vehicle value tends to decrease with higher mileage. Mileage Limits Your lease term will include a mileage limit that you agree upon, and going over this limit may result in fees.
You’re free to customize your vehicle and choose your own repair schedule, in accordance with the terms in your purchase agreement. Maintenance/Wear You are usually required to service the vehicle according to manufacturer recommendations, and may not alter the appearance of the vehicle.
Monthly payments are generally higher than leasing the same type of vehicle, but you own the vehicle in full at the end of your contract. Monthly Payments Monthly payments are generally lower than buying the same type of vehicle, and you have multiple options at the end of your lease.
Leasing vs Buying
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Are you ready for next steps? Fill out our online contact form to get in touch with our financial team at Mike Anderson Chevrolet of Merrillville, and don’t forget to check out our Chevy offers and incentives.

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