Leasing vs. Purchasing

If you’re shopping for a vehicle, you may wonder about the benefits of leasing vs. purchasing. Which choice is the right one for you? There are many factors that could influence your decision. Keep reading as we explore the pros and cons—then get in touch with the expert team at Bowman Chevrolet to get a vehicle quote on the car that’s best for you!

Leasing

CalculatorIf you like having a new automobile and enjoying the latest features as they become available, leasing may be a good option for you. One of the key differences is that you only pay for the depreciation in value that will occur during the lease. When you purchase a car, you’re financing the total cost of the vehicle. As a result, lessees will generally have a lower monthly payment than those who finance a vehicle. At the conclusion of a lease term, you return the vehicle to the dealer and have no more responsibility. You are free to lease the new model of your choice.

The following are some of the benefits of leasing an automobile versus buying it:

  • Pay lower monthly payments.
  • Enjoy the very latest automotive amenities.
  • Experience a brand-new vehicle every few years.
  • Drivers have warranty coverage for the duration of the lease agreement.

There are also some drawbacks to leasing a vehicle:

  • If your mileage limit is exceeded, you must pay mileage overage penalties.
  • No equity accrues from your payments, since you are essentially renting the vehicle.
  • You can’t customize or alter the car in any permanent way. It must be returned to the dealer in original condition, aside from normal wear and tear.
  • At the end of your lease, you have no trade-in or resale options toward the lease of your next vehicle. You must come up with a new down payment.

Purchasing

When you finance a vehicle, you own it fully once you’ve finish making the required payments. If you want the benefits that come with outright ownership, financing is likely the best choice for you.

The following are some of the perks of financing a vehicle:

  • You’ll gain equity as you pay off the loan.
  • Enjoy total freedom to customize the vehicle.
  • You are not restricted in how many miles you can travel.
  • You have resale and trade-in options when you choose to get a different automobile.

Here are some of the drawbacks of financing:

  • A larger down payment is required.
  • Due to larger monthly payments, you may have to extend the number of loan years to get a payment plan that fits your budget.
  • Market changes can affect the value of your model over time, unlike a lease.

Let’s Get You on the Road

Visit the team at Bowman Chevrolet or contact us today to determine whether leasing or financing is the best option for you. You can also browse our vast inventory of high-quality models. Once you’ve found the vehicle you want, we’ll help you secure financing terms that fit into your budget. We look forward to working with you!

2014 Chevrolet Spark EV is Most Fuel Efficient Car on the Market

In its 2014 Fuel Economy Guide, the United States Environmental Protection Agency puts one car at the top of the list when it comes to fuel efficiency: the 2014 Chevrolet Spark EV.

With an EPA-estimated 82 miles of driving range and a fuel economy equivalent of 119 MPG, the average driver can save $9,000 in fuel costs over five years compared to the average new vehicle.

2014-Chevrolet-SparkEV-040-mediumLast year’s top ten list of the most fuel-efficient vehicles was comprised entirely of electric vehicles, so it’s not surprising that this year’s ranking is also packed with EVs.

The Spark EV, sold in California and Oregon, is also the first vehicle in the U.S. to offer the SAE International fast-charge connector as a vehicle option. The new combined AC and DC charging, or combo, connector is accessible via a single charge port on the vehicle and allows electricity to flow at a faster rate.

How much faster? DC fast charging charges 80 percent of the Spark EV’s battery in just 20 minutes for over 65 miles of range. By comparison, AC 120V charging, which can be done using a conventional household outlet, takes around 17 hours to fully charge. AC 240V charging reduces recharging time to less than seven hours for a full charge, but it requires a dedicated 240V charging station.

Many major automakers have announced they will adopt the SAE combo fast charge connector standard. Adopting an industry standard for EV charging is an important step in growing the public charging infrastructure.

GM is committed to leading the charge in the U.S. to develop energy alternatives like EVs and biofuels that help reduce dependency on petroleum, improve fuel economy and reduce emissions.

ChevySparkDCFastCharge01-mediumIt’s why we were part of the unveiling of the very first public SAE combo DC fast charging station last year at the Fashion Valley Mall in San Diego.

And it’s why our engineers work tirelessly to bring greener vehicles like the Spark EV, Chevrolet Volt,Chevrolet Cruze DieselCadillac ELR and the bi-fuel Chevrolet Impala to market.

If this year’s list of the most fuel-efficient vehicles on the market tells us anything, it’s that EVs are continuing to grow in popularity. And as more and more hit the market, choices for potential buyers will only increase, which means good things for the wallet and the environment.

To read the original article, click here.

Like Last Year, NAIAS 2014 Delivered Excitement — And Then Some

The 2014 edition of the North American International Auto Show in Detroit provided even more excitement than last year’s show – by Mark Reuss

Think back to the 2013 North American International Auto Show… we had a very glitzy, pulse-pounding reveal of the all-new 2014 Corvette Stingray… we saw the Cadillac ATS sedan win North American Car of the Year… we introduced the all-new Cadillac ELR extended range luxury coupe… it was one remarkable show. When it was over, I was pretty sure we weren’t going to have that kind of excitement again for a long time.

Well, I was wrong.

For GM, and for me, the 2014 edition of the NAIAS in Detroit provided even more excitement than last year’s show.

GMCCanyonReveal02.jpgIt began Sunday evening when we unveiled the new 2015 GMC Canyon midsize pickup. This is a segment that has been ignored and abandoned for too long. We have not one but two outstanding new entries, with the Canyon and the Chevy Colorado, and suddenly we’re able to offer customers the best midsize pickups they can buy. I think our entries will really breathe new life into that segment.

The Canyon reveal was part of what we’ve been calling “GM Truckapalooza,” where we dramatically showed the most robust, complete lineup of trucks and full-size SUVs in the industry, from Chevrolet and GMC. No other manufacturer offers pickups from midsize to HD, and when you combine those with our brand new full-size SUVs, you have a lineup that is unmatched. Truckapalooza ended with renowned guitarist Kenny Wayne Shepherd delighting our guests with his wizardry, including a scorching “Voodoo Child” that would have made Jimi Hendrix proud.

And there was some more rocking on Monday morning, when Chevrolet pulled off the sweep at the North American Car and Truck of the Year AwardsCorvette Stingray and Silverado brought home the bacon for the Bow Tie, and I could not have been any prouder. It’s a true validation for all the hard work that the Corvette team and the full-size pickup teams put in on their programs.

More importantly, it’s also a validation for our customers. They buy our products, especially Corvette and Silverado, because they expect them to be the best. It helps when they see an independent panel of experts declare that they indeed are the best, and award Chevrolet the hardware to prove it. It was a special morning.

CorvetteZ06Reveal02.jpg

It only got better from there, believe it or not. A couple of hours later we revealed the Corvette Z06 and C7.R race car. The Z06 was delivered on a trailer from our Tech Center in Warren, in a convoy that, by the time it reached Cobo Center in downtown Detroit, consisted of 50 brand new Stingrays and a police escort. Between the camera cars and the helicopter shots, it made for some fantastic television, shown on the big video screens around the Chevrolet stand at Cobo. Another great moment, one fitting for the fastest, greatest, nastiest Corvette ever made.

CadillacATSCoupeReveal01.jpgBut we weren’t done yet. Tuesday morning Cadillac unveiled the ATS Coupe, further extending and elevating the brand. And it also revealed its new logo, refreshed, refined and updated. The Wreath and Crest becomes simply the Crest, and I think it looks fantastic, and I congratulate Cadillac on its continued evolution.

So it was a hugely successful and exciting show for us. By the time the week was over, GM had three of the top five vehicles in terms of media coverage.

Needless to say, we’re not stopping here. We’ll continue to put the customer first in everything we do, and bring out vehicle after vehicle designed to delight said customer, and make the automotive world stop and take notice.

In 2014, GM will launch 15 new or significantly updated cars, trucks and crossovers, including those full-size SUVs, the HD pickups, and the Camaro Z28. And I can’t wait for the 2015 NAIAS. The bar is very high…

To read the original article, click here.

Fear of Night Driving? 2014 Chevrolet Impala Can Help

DETROIT – With Daylight Saving Time ending, many people will drive in the dark more often. For those uneasy with night driving, the 2014 Chevrolet Impala can help brighten the task.

ChevroletImpalaHeadlamps041-mediumThe enhanced visibility provided by Impala’s headlamps can help drivers avoid crashes after dark, the riskiest time of day. According to a study cited by the Federal Highway Administration, the risk of a fatality at night among drivers not impaired by alcohol is more than two times higher than in daytime due to less visibility.

According to a 2009 study conducted by the Lighting Research Center at Rensselaer Polytechnic Institute, high-intensity discharge, or HID, headlamps like those on the new Impala can help drivers see objects in the road sooner than other types of headlamps, allowing for greater stopping distance.

Impala’s new headlamps are a key to one of the most comprehensive collections of standard and available safety features in the segment. Impala received the highest possible 5-Star Overall Vehicle Score for safety as part of the National Highway Traffic Safety Administration’s New Car Assessment Program.

All 2014 Impala models are equipped with projector beam headlamp technology, a first for the redesigned flagship sedan. The LS and LT models use halogen projectors, while the up-level LTZ uses HID bi-functional xenon projectors that offer crisper and brighter illumination.

Both types of projector distribute light evenly across the front of the car, providing a wider range of visibility than other headlamps. Impala’s new headlamps use curved reflectors and “prescription” lenses designed to project brighter light farther and with more directional accuracy. They also feature a light shield designed to reduce glare for oncoming traffic.

“Safety and customer satisfaction drove design and development of Impala’s new headlamps,” said Todd Pawlik, Impala chief engineer. “We benchmarked them against the best in the industry.”

Impala’s low-profile black-and-chrome headlamps highlight the new model’s exterior, giving it a slightly sinister appearance. Impala’s designers were able to narrow the headlamp opening by eliminating the reflector-optic cavity in favor of a smaller lamp with bi-functional high/low-beam operation controlled in the projector by the light shield.

The all new 2014 Chevrolet Impala set to make a statement at New

Extra chrome trim with metallized Chevrolet “bowtie” accents over the side marker reflector stretch horizontally to the corner of the car, emphasizing the sleek appearance of the lamp and the width of the car.

To further enhance the appearance, the headlamp designers placed an inner lens over the turn-signal cavity, helping to obscure the bulb while dispersing its light, giving a dramatic “fire-in-the-hole” appearance when lit.

The LTZ model accents the HID bulb with a light-emitting diode, or LED, halo ring designed to give an expensive appearance while functioning as a parking lamp. The model’s LED daytime running lamps improve visibility at any time of day.

“Impala’s new-look headlamps required a significant amount of attention to detail,” said Steve McCabe, lead creative designer for Impala. “As a result they help give the car a premium appearance.”

To read the original article, click here.

About Chevrolet
Founded in 1911 in Detroit, Chevrolet is now one of the world’s largest car brands, doing business in more than 140 countries and selling more than 4.5 million cars and trucks a year. Chevrolet provides customers with fuel-efficient vehicles that feature spirited performance, expressive design, and high quality. More information on Chevrolet models can be found at www.chevrolet.com.

Buying a Car Should Be Fun!

Approved car loan application formRyan Hotchkiss, Business Manager, fears that many people don’t look to finance a vehicle because they are afraid of embarrassment or rejection. “Buying a car should be fun,” he says, and “anyone can qualify.” Most dealerships advertise that they can finance anyone, or that everyone is approved, but most people are unsure of what this means or do not think that they will meet the correct qualifications. The truth – Ryan says, is that “anyone can qualify; however, this may come with stipulations.” This means that a buyer may have to put money down on the vehicle, go for a longer-term loan, higher interest rate or finance a less expensive vehicle. There are many great options available and we work with a variety of banks and credit unions in order to make financing work for each individual and situation.

Shop your car – not your credit. Each time you take a test drive – you should not be filling out a credit application. Each time your credit is run it shows as an inquiry on your credit report. While this does not necessarily hurt your score, too many inquiries can cause your score to drop and will also raise red flags when trying to apply for credit. Vehicles are an investment, not just a purchase.  Ryan says to “drive as many cars as possible, educate yourself and know what you are looking for. We can find you exactly what you are looking for, so shop around and compare.” Many dealerships advertise that they can offer you guaranteed financing and will urge you to fill out a credit application for your test drive. Ryan advises against this. Shop around – but buy from someone you trust. The financing process is the same anywhere you go, new or used, so find the car you want and then search for a dealer that you trust. Ryan hopes that we can be that dealership for you, and with an inventory of 400+ new and 150+ used cars with plenty of variety, we hope to help you find exactly what you need  – and finance it at the price you want!

Connect with Ryan on LinkedIn!

See Ryan’s Interview on Independence Television