Financing vs Leasing a Chevrolet

More than ever before, car shoppers have found leasing a new car, truck, or SUV offers significant savings over buying new. The move to leasing versus buying isn't a new trend, only the result of great lease deals that provide flexible, short-term agreements that traditional auto loans can't match. Even with this new trend, many rumors continue to circulate regarding the merits and risks associated with leasing. 

Most people are quick to give you their opinion, but savvy shoppers realize that opinions aren't always based on facts. Deciding which option, leasing or buying, works best for you depends on your particular needs, budget, credit, and more. To that end, we've put together a real-life scenario that details the acquisition process for Chevy's ultra-popular new Blazer bought or leased from us at White-Allen Chevrolet. You can see the pros and cons for yourself to help you decide which option benefits you most.

The 2021 Chevy Blazer

Offering bold, sophisticated styling, the 2021 Blazer continues to turn heads wherever it goes. An athletic profile, aggressive stance, and capable powertrain make the Blazer one of the most popular SUVs in all of Dayton, Ohio. Five available trims and two special editions give you plenty of stylish choices. You can equip the Blazer with various comfort and convenience features like leather seats with heating and ventilation as well as the latest driver-assist systems to elevate your driving experience and help you drive safer.

For this exercise, we must choose a Blazer model. We selected the 2021 Blazer RS with all-wheel drive and nicely equipped heated leather seats and a heated, leather-wrapped steering wheel. It comes with power windows and door locks, ambient lighting, power-adjustable seating, and Chevy's Infotainment 3 Plus system with an 8-inch touch screen. The latest Android Auto and Apple CarPlay capability come with this Blazer, too, to go along with the full suite of driver-assist technologies. 

We will use $31,799 as our MSRP. Let's assume you don't have a vehicle to trade-in either, but you do have $5,000 to put down. Now let's compare financing this Blazer versus leasing it.


Let's also assume you have excellent credit and qualify for a 60-month car loan with a 4.2% APR, the current lowest interest rate for mid-April 2021. After adding the 7.5% sales tax and putting your deposit down, you end up with a monthly payment of $540 per month. Let's assume you kept the Blazer in excellent condition and kept the mileage low until you traded it in three years later. You would pay $19,440 and would still have two years of payments to make before you owned the Blazer outright.


At White-Allen Chevrolet, our current lease deal on the 2021 Chevrolet Blazer with an MSRP of $33,760 requires no deposit. Your sales tax, title fees, acquisition fees, and registration fees are included in your lease. You also get 12,000 allotted miles per year for three years. For first-time leasers with us, your monthly payment comes to $385 per month.

The Savings

You would save $155 every month leasing the same vehicle. That's a $5,580 savings over three years. To get an even lower payment, you can put down $3,275 and drop your payment to $280 per month. That would save you $9,360 over three years, plus the money you would save in the down payment for a total savings of $11,135, and you can turn your Blazer in for a newer model or something else entirely. That's actual money saved. Also, you aren't responsible for another two years worth of loan payments.

Want to save even more? If you agree to drive less than 10,000 miles per year, your payment drops to $238 per month with a slightly lower deposit of due at lease signing. You can save an incredible $10,872 in monthly payments, plus the down payment money for a total of $12,639.

Drawbacks To Leasing

Is it any wonder the savvy car shoppers are opting for leasing over buying? As good as the deal sounds, you still need to consider several key points before leasing a car. You must be confident in your mileage projection. If you tend to jump in your car and take spontaneous road trips, those miles add up. Going over your allotted mileage can cost you a lot in overage fees. If this sounds like you, buying might be the better option.

You can't work on your leased vehicle. The dealership must do all repairs and maintenance. This requirement includes modifications, even if they add value to the car. If you want to upgrade to some cool new wheels, or add a spoiler, or tint the windows, you can't. You don't build equity either with a lease. When the lease term expires, you can't use the car to trade-in on a new purchase or sell it to realize any potential profit.

Advantages To Leasing

You get to upgrade to a newer model every three years. The average person keeps their car for six years, which means some go longer while others go shorter. But if the average time totals six years, you can have two vehicles during the time your friends and family stay stuck with the one they purchased. The auto industry constantly introduces new features and technology. With a lease, you're free to take advantage of the latest Chevy has to offer.

In the end, you save a lot of money in monthly payments and reduce your risk as an owner. You don't have to worry about paying off the balance of a loan if you decide to trade in early.

Should You Lease or Buy?

Ultimately, your situation will determine which option suits you better. We invite you to contact a finance specialist today at White-Allen Chevrolet. Our finance department staff will help you examine your needs and budget and find the best lease deal that saves you money and reduces any risk you might encounter. If purchasing a new vehicle presents the better option, we can pre-qualify you for a loan instantly. Either way, you will leave our dealership and head home to Princeton Heights, Wolf Creek, or wherever you reside in the Dayton area, confident you made the right choice.