Shelton Buick GM answers frequently asked leasing questions for new Buick and GM shoppers
At Shelton Buick GMC we love helping shoppers get into a new vehicle from our Rochester Hills dealership, and one of the most cost-effective avenues for shoppers to take is to lease a new Buick or lease a larger new GMC vehicle! If you don't know much about leasing, keep reading our Leasing FAQ page to learn more and see if it's the right fit for your Shelby Township driving lifestyle.
What is an auto lease?
A lease is a short-term financing decision that allows you to drive a vehicle for three-years. After the lease term is done, you return it to the dealership. That said, if you do love the vehicle you can buy it out.
How is leasing different than financing?
- When you buy a vehicle (also known as financing), you'll pay off the entire amount of the vehicle, someday own it, and then you'll have no monthly car payment. If you keep leasing, you'll always have a car payment.
- With leasing you have a mileage limit that usually ranges from 10-12K miles per year, depending on the leasing incentive. If you mostly stick close to the Sterling Heights area and don’t do too many long-distance trips a year, leasing can be a smart choice! If you drive a lot then you should avoid leasing, as there are expensive overage fines.
- You can finance a new or a used vehicle. With leasing you only choose from new vehicles.
What are the advantages of leasing?
- You have a lower monthly car payment (sometimes as much as 40% lower than buying). This makes it appealing to shoppers on a budget - like college students, young professionals, or new parents - as well as shoppers who want to get a top trim level at a competitive price.
- You get to stay up to date on a new vehicle to show off around Auburn Hills. This means you'll get to take advantage of mid-cycle or next-gen refreshes, the newest infotainment sizes and setups, and the most innovative advanced safety technologies for added peace of mind when you're in Troy MI!
- You generally have less expensive service costs, as the more expensive services for maintenance occur after three years. While Buick and GMC models aren't known for being costly to maintain, no one loves draining the bank for upkeep or repairs.
How do I know I'm a candidate for leasing?
- You're someone who doesn't do a ton of driving or have long commutes.
- You struggle with vehicular commitment and couldn't imagine staying with the same vehicle for years on end.
- You don't want to spend too much money on a car payment in the short term, but you don't mind getting a new vehicle more often rather than having a vehicle for a long-time and someday being car payment free.
- You have a few years of driving experience. This matters because when you get into a leasing accident you need to repair the vehicle before it comes back, and new drivers are more likely to get into an accident.
Leasing might seem like a scary proposition, but we find that many drivers who don't put a lot of mileage on their vehicle are excited to see that leasing is actually a smarter choice for them! Just like with financing a vehicle, you'll still need to submit a financing application so we can review your credit score and history and see the types of incentives and auto loans you're eligible for. After you fill out the application you can schedule a test drive of the vehicle you want to lease and then come in to check it out!