Are you looking to bring a new 2025 Chevy home, but aren’t sure whether you should lease or buy? It’s an incredibly common question, but there’s unfortunately no easy answer. The truth is that it all comes down to your driving habits, financial goals and overall lifestyle and is dependent on things like vehicle pricing, tax incentives and mileage policies. The choice to lease or buy is ultimately going to be yours to decide, but we’re here to help you determine which is the right choice for you with a rundown on payment math, mileage limits and tax perks. Once these are explained, your decision should be much easier to make.
Monthly Payments: Leasing Can Lighten the Load
It’s no secret that one of the biggest differences between leasing and buying is how much your monthly payment will be. Typically speaking, the monthly price of a leased vehicle is going to be much more affordable than an identical purchased vehicle. This is because rather than paying the full sticker price of the vehicle, you’re only paying for the depreciation value over a few years. That means payments will generally be 20-30% lower when leasing a vehicle compared to financing the same one over five or six years.
One important thing to note, however, is that while your monthly payments may be higher while financing a vehicle, each payment brings you one step closer to full ownership of that vehicle. With a leased vehicle, you have to return the vehicle at the end of your agreement – which is typically about three years – whereas you get to keep the vehicle once it’s fully paid off when buying to own.
Mileage Limits: Know Your Driving Style
Outside of your budget, one of the biggest things to consider when deciding whether to lease or buy a Chevy vehicle is how much you’re actually going to drive it. When you sign a lease deal, you’re agreeing to an annual mileage limit that typically ranges from 10,000 to 15,000 miles, and if you go over that cap you’ll face overage fees. These fees vary from agreement to agreement, but you could end up paying up to a quarter per mile — which means even if you go over just 1,000 miles you’d be paying $250 in fees.
In other words, if you do a lot of distance driving throughout the year that might lead to you driving more than 15,000 miles annually, leasing a vehicle might not be the right option for you. However, if you don’t drive super often, leasing a vehicle can be a smart financial decision. You’re essentially only paying for what you use, and you can trade it in for the newest Chevy vehicle every few years without having to deal with things like resale value or wear and tear.
Tax Benefits: Leases Have a Hidden Advantage
Another thing you should always keep in mind when choosing a new vehicle is tax benefits, as it’s something most people don’t think about but in truth… leases have a hidden advantage! In many states, you’ll only pay sales tax on your monthly lease payments, rather than the full price of the vehicle. That can lead to a ton of savings over time, possibly even thousands of dollars. This is even more true if you’re purchasing your vehicle for business use, as your lease payments could be deductible.
On the flip side, however, it’s important to consider electric vehicles. If you’re interested in one of the new 2025 Chevy EVs, the tax benefits might be much more alluring for an outright purchase. This is because federal tax incentives are only available when you buy an EV, not when you lease it, which means leasing a Blazer EV could see you miss out on up to $7,500 in tax incentives!
If you’re interested in learning more about the differences between leasing and purchasing a new 2025 Chevy vehicle, feel free to get in touch with us right here at the sales desk. One of our financial advisors would be happy to discuss your options with you!