Chevrolet Lease: What To Know?

Leasing and buying are the two primary ways to get your hands on a brand-new Chevrolet Lease
model straight from your local dealership’s lot.

When you buy a car, you own that car. You pay the full value of the car—either up front
or over time via monthly payments toward an auto loan—and you have the freedom to
modify or sell the car whenever you want.

When you lease a car, on the other hand, you don’t own that car. Entering a lease on a
car is similar to entering a long-term car rental agreement. Leasing a car means you
agree to borrow that car from your local dealership for the duration of your lease in
exchange for monthly payments. These monthly payments are primarily in place to
cover the cost of how much the car you lease depreciates in value as it ages and you
log more miles on it over the duration of your lease.

Leasing a car can be a cost-efficient decision for drivers who are eager to drive the
newest car models that are equipped with the very latest in high-tech features and
modern amenities. When you choose to lease rather than buy your new car, you have
the opportunity to upgrade to the newest model every few years—every time your
current lease is up—while staying within the restrictions of your personal budget.

Different automakers offer different deals and terms for leases on their cars. If you’re
considering leasing a specific car model, it’s important to look into how that car’s
automaker handles leasing in order to make sure you’re getting the best deal possible
on your brand-new car.

2020 Chevrolet Tahoe (With Lease Options)

2020 Chevrolet Tahoe (With Lease Options)

If you’re in the market to either buy or lease a new Chevrolet car model, keep reading to discover a few things you should know about the Chevrolet lease before you choose to lease the brand-new Chevy of your dreams.

Local Dealerships Offer Local Leases

Talk to the local Chevrolet dealership in your area to find out about any special deals
they might offer drivers like you who are interested in leasing a Chevy vehicle from their
lot.

Many local dealerships offer in-house deals that are not brand-wide but rather only
apply to Chevrolet cars that are leased from that local dealership specifically. These
special deals benefit the dealership by attracting more business to their lot, and they
can help you save a lot of money on the new car you want to lease.

You Can Negotiate

Many drivers don’t realize that lease terms are generally negotiable—at least to an
extent. This tends to be true even when it comes to leasing from large-scale,
international automaker brands like Chevrolet.

Negotiation is uncertain. Attempting to negotiate with your local dealership is definitely
not a guarantee that you’ll be able to change the terms of your lease or get a better
deal. However, in many cases drivers are able to negotiate the terms of their lease in
their favor before signing it—at the very least, it’s worth a try.

Fine Print is Important

Always, always read the fine print on your lease contract before you sign it. Car leases
are complicated, and it will benefit you in the long run to enter yours armed with a
thorough understanding of all of its terms.

Remember that the advertised lease price often doesn’t account for additional charges
such as extra mileage fees, etc. In addition to reading the fine print on your leasing
contract, make sure to ask your dealership rep’s questions too to find out about hidden
fees or other information that may not be readily pointed out to you during the leasing
process.

Pay Attention to Residual Value

The residual value—or long-term value—of a car is one of the major determining factors
of whether or not it will be a more cost-effective choice for you to buy or lease your new
Chevrolet. Cars with higher residual values tend to come with lower monthly lease
payments, because the dealership loses less money on the depreciating value of a car
with a high residual value throughout the duration of your lease.

Chevrolet vehicles, in particular, tend to have mid-level residual values, which means it is
important to compare the cost of monthly lease payments and the cost of monthly
purchase payments on each Chevrolet model you consider before you decide whether
to lease or buy it. If a Chevy model you’re considering has a fairly low residual value
and it turns out that leasing the car rather than buying it won’t save you much on
monthly payments long-term, it might be a more cost-effective option for you to
reconsider leasing and opt to buy instead.