Deciding whether to lease or buy comes down to how you use a vehicle and what you want at the end of the term. Neither option is automatically better, they just fit different situations. Here’s what actually separates the two.

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Buying a Vehicle

• Monthly payments are usually higher than leasing, but every payment builds equity in a vehicle you'll own outright
• You can sell or trade it in whenever you want
• No mileage limits, though high mileage and heavy wear will lower resale value down the road
• Loan terms typically run 3 to 7 years
• You keep the vehicle once the loan is paid off, no return required

Leasing a Vehicle

• Monthly payments are usually lower, since you're paying for the vehicle's depreciation and a rental charge, not the full price
• Ending a lease early usually means a termination fee, sometimes a steep one
• At lease-end, you return the vehicle or buy it outright if your contract includes a purchase option
• Most leases cap mileage between 10,000 and 15,000 miles a year, with fees for going over or for excess wear
• Lease terms typically run 2 to 4 years

Not Sure Which Fits Your Budget?

Run the numbers on a lease or a loan using our payment calculator before you decide. Our finance team can also walk you through both options side by side based on your actual credit and budget, not just a generic estimate.

Leasing with the Eide Effect

Whether leasing or buying makes more sense for you, our team can help you land on the right choice. Get pre-approved at Vern Eide Chevrolet, your local Chevrolet dealer serving Mitchell, Sioux Falls, Huron, Madison, Brookings, and all of Central South Dakota.