Chevrolet Colorado Leasing and Financing for Waterbury Connecticut Shoppers
Chevrolet is one of the best pick-up truck manufacturers out there, after all, they are the manufacturers of America's second-best selling vehicle, regardless of price tag or class, the Silverado, which is... you guessed it... a pick-up truck. Its success inspired the creation of a smaller version that took the shape of the Colorado.
With best in class towing ability at a maximum of 7700 pounds, best in class highway fuel economy with an EPA-estimated 30 MPG on the highway, an interior look and feel that can match any crossover SUV, and loads of tech options available, the Colorado seems to follow the same road as the Silverado. A great pick-up, not to mention its incredibly low price. No wonder then that many prospective pick-up buyers gravitate towards the Colorado.
Deciding to own A Chevrolet Colorado is easy, but then comes the part where you have to choose a payment method for it, which can prove to be a bit trickier. There are three main options you can choose from: a one-time payment, leasing, or financing. If the first is self-explanatory, the other two need some explaining.
When you choose leasing, you’re practically renting the vehicle from the dealership for the duration of the contract. You will not own the vehicle at any time, and when the contract is done, you’ll have to return it for the dealership to sell it as a previously owned car.
The main advantage of a leasing contract is that it demands a lower monthly fee than a financing contract since you just have to pay for the decrease in value the car sustains while under your use. Theoretically, when the leasing contract is done, and you return the vehicle, there's still plenty of value left there that will be recovered by the dealership through the car's sale.
This allows you to pay less every month for the permission to use the same car, or pay just as much as you would with a financing contract, but get a better car for the money.
The disadvantage of the leasing contract is that you’ll have a mileage cap between 10.000 and 15.000 miles per year. If you drive the car above that, you’ll have to pay on a per-mile basis.
Financing, on the other hand, means the dealership allows you to pay for the car in installments. Every monthly payment builds equity in the vehicle, and at the end of your contract, you'll own the car. There is also no mileage cap, so you can drive your pick-up for as much as you want with a financing deal.
Renting Vs. Buying is the main difference between the two methods, each with its own advantages and disadvantages. Here at Northwest Hills Chevrolet in Torrington we can explain both methods to you in full detail, so you can choose the one that better suits your needs.