Thinking about getting a new car?

Perhaps your current car just went into the shop for the fourth time this year, or maybe you just received a big promotion at work and want to celebrate by getting a new, fresh ride. Maybe you drove by our dealership on Memorial Boulevard in Springfield and saw this beautiful, black Tahoe that you just haven’t stopped thinking about. 

Regardless of what drives you to need a new vehicle, deciding whether to lease or buy is one of the big questions you may have, and it’s important to know the difference between the two. While neither option is better than the other, they both have different offerings that may weigh in your favor or against it. 

Leasing

When leasing a car, the dealership is essentially allowing you to “rent” the car for a specified amount of time, miles, and wear. The monthly payments for the car are determined by the dealership based on the car’s projected depreciation value over the course of the lease term. Most leases are between two and five years long and have mileage limits from 10k to 15k miles per year. 

At the end of the period, you will return the vehicle back to the dealership or buy out your lease if you want to keep the car. Leases often have lower monthly payments than buying a car of the same type and value and can be a great option for people who love to drive new cars every two to three years, don’t drive a lot of miles, or don’t have a need to own a car. 

Buying or Financing

If not owning the vehicle scares you away, then buying or financing is the route you will want to take. Nowadays it is very common for people to finance their cars rather than pay for them outright in cash. Of course you still have the option to buy the entire vehicle up front, but financing is so easy and convenient, that it’s worth considering even if you do have the money saved up. 

We offer a simple, pre-approval process directly on our website that will allow you to get an idea of what kind of budget you are working with. We also have a handy payment calculator that can help you determine what your monthly payment might look like if that is something of high importance to you. 

Our in-house financing offers terms from 12 to 84 months long, and we work to get you the best possible interest rate based on your credit score, loan amount, and loan term. At the end of your term, you will have paid off the entire car, and it will belong to you. 

Car shopping can sometimes get a bad rap, but we encourage you to come visit us at Payne Chevrolet in Springfield to see firsthand how we’re different from the rest. We are a fourth generation owned and operated business who’s been around since 1926. Our sales team is top notch and ready to help you find the car of your dreams– with a low pressure approach. We are here to answer your questions and help you make the best decision for your family, so come see the excellent inventory we offer of new and certified pre-owned vehicles less than 30 minutes from Nashville. 

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About the Expert:

Alex Payne is the son of David Payne and the fourth generation owner of Payne Chevrolet. He graduated from the University of Tennessee in 2016. Alex has experience at the dealership from an early age, taking some time apart for college and other job opportunities prior to returning back to the family business in 2019. He currently resides in Nashville, TN with his wife Allie. Fun fact about Alex, his favorite Chevrolet model is the first generation of the K5 Blazer. He has a 1976 model now that he can be seen driving around in from time to time when the weather’s nice.

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