Don’t Buy It! Lease Your Next Chevy and Be a Happier Driver

Back in January of 2015, roughly 27 percent of all new vehicles were leased, rather than purchased. That’s up by a total of five percent from 2012, and in all likelihood is much higher today, in January of 2017. To put that statistic into context, imagine your daily commute into the office or your drive to school each morning. Now imagine that one of out every four new vehicles on the road is the result of a lease, and is not actually owned by the driver. Pretty interesting, right? If you are thinking that the majority of those leased cars were from luxury brands – you would be sorely mistaken. As new car leasing rises in popularity, so does the fact that more standard and budget-friendly brands are making their way into the hands of drivers via a lease agreement. The reason for this is simple – mainstream brands are offering great incentives, like incredible Chevy lease deals that drivers simply can’t ignore. The result is more vehicles leased, rather than purchased, which makes for happier drivers out on the road.

Become a Happier Driver

Taking out a lease on your next new Chevrolet doesn’t just mean you are “renting” a car for a while, it means you are freeing yourself from massive monthly payments and the obligation to keep up with an unrealistic billing schedule. While no official study has been conducted, we tend to believe that car drivers who lease, are much happier than drivers who own. Here’s why:

• They Pay Less Each Month – People who take out a lease on their new Chevy, will simply end up paying less per month than the person who buys the exact same car. Depending on finance rates and the amount of your down payment, leasing can cut your monthly car payment in half in some cases. That’s enough to put a smile on anyone’s face…

• They May Not Be Responsible for a Down Payment – Depending on your personal credit history and the price of your new vehicle lease, you may not have to hand over a down payment at all. If you do, it will be substantially less than you would for traditional automotive financing. As it is true with any new car transaction, the more money you put down up front, the less your monthly payments will end up costing in the long run. Either way, the driver who leases is happier, with a wallet that is padded and not flapping empty in the breeze.

• They Don’t Have to Worry About Unexpected Costs – The truth is, when you lease a vehicle you are essentially borrowing it from the actual owner – the dealership. When you lease your new Chevrolet car, truck, or SUV, you won’t be obligated to pay for unexpected issues that you aren’t at fault for. Just as you wouldn’t pay to replace a broken furnace in your rented condo, neither will you be expected to shell out cash to remedy a defect on your leased car. Eliminating the fear of the financial unknown equals immediate increased happiness.

• They Get a New Car When They Want – While the minimum lease term is three years or 36 months, drivers who end up leasing can exchange their new cars as often as they wish. Excessive swapping of your vehicle may result in fines, but they are nothing compared to the money you would lose if you were to sell your vehicle prior to paying off your traditional auto loan. At the very most, you will be sitting pretty in a brand new model every three years, which isn’t too shabby. Who wouldn’t be happier always driving the latest model year around town and into the office? I know I would!

• They Pay Less Sales Tax – Because you aren’t technically buying your new Chevrolet model, you won’t be paying up the wazoo for sales tax. Sales tax rates and regulations vary by state, but here in Ohio they are collected ahead of time, rather than tacked onto monthly payments. The Lease Statutory Law Section 5739.02 outlines the specifics, which says, “The tax will be collected at the time the lease is consummated. Sales and use tax apply to the total amount that will be paid throughout the term of the lease.” In layman’s terms, you will only be paying sales tax on the amount of vehicle you use – not the entire MSRP. If you were to buy a brand new 2017 Chevy Traverse, for example, you would end up paying the sales tax for the full amount of around $30,000. If you were to lease the same car for four years, let’s hypothetically say you would make 48 payments of $300, which amounts to $14,440. Rather than pay sales tax on the $30,000, you would only be responsible for the sales tax on the amount you lease – which is less than half. Paying less in taxes is quite easily one of the fastest ways to happiness.

• They Don’t Have to Worry About Selling or Trading-In a Car – When the term of a new Chevy lease is up, the driver simply brings it back to the dealership and chooses a new vehicle to bring home. Without having to stress over selling back his or her current vehicle, or wondering how much it will fetch at trade-in, drivers who lease can simply exchange their vehicles for a brand new version – plain and simple.

Being a happier driver sounds awesome, doesn’t it? There isn’t a person in the world who wouldn’t choose the option with a happier outcome, over one that leaves them strapped for cash and unsettled.

When faced with choosing between leasing or financing your new Chevy, research each option carefully. While some drivers benefit from owning their own cars, others may be the perfect candidate for leasing without ever knowing it. There are tons of great resources available to you on our blog, or you can come down to McCluskey Chevrolet in Cincinnati to find out more about your particular situation. Before you dive into your next new car purchase, be sure you are aware of all of your options, including leasing. There is a reason why the rate of new car leases jumps up each year. Don’t you want to find out how those reasons could be beneficial to your ultimate happiness?