Why the Time Is Right to Lease a Brand New Chevy

When it comes to shopping for a new Chevy vehicle, there are so many choices to be made. Car, truck, SUV, or van? Electric, hybrid, gasoline, or diesel? Which trim? Which accessory package? Chevrolet makes sure all of their vehicles are highly customizable, which means you won’t drive off the lot disappointed, but you sure do have a lot of things to consider before you start signing. In fact, one of the easiest decisions might be which Chevy lease deal you’re going to take advantage of to bring your new vehicle home.

Perhaps you haven’t considered leasing a vehicle. There are actually many compelling reasons why you might want to lease a new Chevy. For many drivers, it’s an economical way to enjoy a brand new car without spending a whole lot of money. While there are definitely some equally important reasons to buy instead of lease, it’s essential to look at both options equally before making a decision, especially when Chevy is running some very hot deals on leasing brand new vehicles.

How Does Leasing a New Chevy Work?

Many people think that leasing a vehicle is more complicated than buying. This is not necessarily true, but there are definitely a few important differences. In both cases, you have the opportunity to put a certain amount of money, known as the down payment, on a vehicle, and then you take it home, drive it, and make a monthly payment. That monthly payment depends on the price of the vehicle, the amount of your down payment, and the length of time you’ll be making payments. In both scenarios, you’re responsible for the upkeep of the vehicle, including things like insurance, gasoline, and oil changes.

The key difference is that when you buy a car, you can use it in whatever manner you wish. You can drive as far as you wish. When your toddler grinds cracker crumbs into the backseat, you grit your teeth and accept the reality of the upholstery never being the same. You swear under your breath about the scratches and dings that come with owning a car, and you get things fixed as time and finances permit. Sure, you love your car, but life happens, and nobody’s perfect.

When you lease a vehicle, the rules are a bit more strict. Leasing contracts typically have an annual mileage limit, and those seat stains, scratches, and dings will need to be fixed before you return your lease at the end of the term, or you risk facing stiff fees. However, a monthly lease payment is often far lower than the payment you would make if you were to purchase the car. The monthly payment is determined by calculating how much the vehicle you lease is valued at brand new versus what it will be worth at the end of the lease. Essentially, you are only paying for what you use. You get to enjoy a brand new car for a few years, and once the lease is over, you turn in that car and get to choose another brand new car to drive if you want. That means you may never have to drive a used Chevy or even one that’s more than three years old, again.

Pay Attention to the Terms of Your Lease

There are different types of leases. Chevy offers amazing lease deals on nearly every vehicle in their lineup, which can be found on the manufacturer’s website. Chevrolet leases are handled by GM Financial, a captive lender. That means that the parent company technically owns the vehicle, and your lease payments go directly to General Motors. Captive lender leases usually have very competitive rates since all of the profit goes to the parent company.

When you’re looking at Chevy’s lease deals, you’ll notice that some specify that you’ll need to put a certain amount of money down to get a certain monthly rate. As mentioned earlier, the rate is calculated by the anticipated depreciation of the vehicle between the day you drive it away, and the day it returns to the lot. This is called “residual value.” The benefit of this payment structure is that you truly only pay for what you use. This differs from the payment structure you encounter when you purchase a car since you can find yourself upside down in car payments, meaning that what you still owe on the car is more than it is worth. The result is that monthly lease payments are often far less than the payments you would make if you were purchasing the exact same car.

In addition to looking carefully at the down payment and the monthly payments, you’ll want to look at the length of the lease. A typical lease contract lasts three or four years. The contract will also specify how many miles you can drive within those three or four years. Anything over the contractual allotment will be subject to a per-mile fee. For many people, the mileage works out well. They may only drive a few miles each day, and over the course of three years, their mileage will be well below the limit. At the same time, that mileage allowance means careful planning when it comes to road trips or if you regularly commute long distances.

What Are the Benefits of Leasing a New Chevy?

Many people consider a vehicle’s first three years off the lot as the best years of its life. Though cars, trucks, and SUVs are designed to last several hundred thousand miles, there really is nothing quite like driving a brand new car. From enjoying the latest and greatest in technology to that new car smell, it’s a very special experience to be the first person who has driven a vehicle.

Additionally, there are mechanical benefits to driving a vehicle fresh off the line. It hasn’t seen the bumps and bruises of the road yet. The alignment will be ideal. The wheels are fresh. There’s no gunk in the engine, and all systems are “go.” You’ll also have the benefit of manufacturer’s warranties. For Chevy’s vehicles, warranties typically extend 3 years or 36,000 miles, whichever comes first.

Furthermore, when the lease ends, you don’t need to worry about depreciation or selling a car that no longer meets your needs. Once your lease is up, you can turn in the car and turn your attention to your next lease. In fact, those who lease from Chevy can qualify on special lease deals for their next vehicle. You can also choose to buy out the vehicle you’ve been leasing if you end up falling in love with it.

Is Leasing the Right Choice for You?

Sure, there are downsides to leasing. You won’t be able to customize the vehicle. You need to pay close attention to the condition it’s in and keep an eye on the mileage. However, if you are looking for a way to always drive the newest vehicles around, a lease is a great way to keep your finger on the pulse of all of the coolest trends and updates.

Leasing a brand new Chevy allows you to enjoy the best miles at a price that makes sense. Between bringing home a vehicle in mint condition to knowing the warranty has your back when things go wrong, there’s a certain peace of mind that goes hand-in-hand with driving a brand new car. Even beyond the “cool” factor of having the newest model year, being the first to sit in those seats, put the car in gear, and press the accelerator are experiences every driver craves. When the time comes to look for your next Chevrolet, take a moment to consider the current Chevy lease deals. You may find tremendous savings on just the right vehicle for you.