Interested in Leasing a Chevy Traverse? Here’s What To Know
Chevy by Kevauto — CC-BY-SA-4.0
If you’re in the market for a new crossover SUV, there’s a good chance that you’ve looked at the Chevrolet Traverse. Although it’s not as big and burly as Chevy’s Suburban and Tahoe, the Traverse has won many hearts with its spacious 3-row interior and is one of the larger models in the segment.
Are you looking to get behind the wheel of a Chevy Traverse? One way besides outright buying it is to get a lease.
If you’re interested in leasing a Chevy Traverse, we are here to help. Today, we’ve created a quick guide on the things you should know when leasing a Chevy Traverse crossover SUV.
How to Get a Chevy Traverse Lease?
Most dealerships go out of their way to make it easy for customers to lease their vehicles; GM/Chevrolet is no exception. For getting a lease on a Chevy Traverse, you can save time by going to the GM Financial website and applying for pre-qualification.
Your request will be reviewed to determine whether you pre-qualify for the lease or not. Fortunately, sending in a request for pre-qualification won’t affect your credit scores because it’s considered a “soft inquiry.” If you pre-qualify, you should be able to see your monthly payments, APRs, and offers for the Traverse models that you want.
When you visit a Chevrolet or GM dealer or any other participating dealership, you may show them your pre-qualification offer for the Traverse you want to lease.
Afterward, you can test drive your preferred Traverse SUV, fill out a credit application, and provide information to complete the lease contract. Make sure that you provide the dealer with your most accurate and up-to-date information (such as personal, income, housing, employment, etc.).
FEEL SECURE IN THE CAR YOU CHOOSE
You don’t want to buy a car - you want to get the best deal on the car you’re looking for. The CoPilot app will notify you if there’s a similar vehicle in your area at a better price, so you’re always certain you got the best deal available.
Things to Consider Before Leasing a Chevy Traverse
Leasing a vehicle can be confusing, especially when most of the terms used are altogether different than purchasing a vehicle. Here are some common terms to familiarize yourself with before signing:
- Acquisition fee - Some dealers or lessors charge an upfront acquisition fee for setting up the lease. Always try to negotiate this fee or find someone that won’t charge you.
- Capitalized cost - This represents the value of the vehicle during the beginning of the lease plus any other additional costs and fees. Again, this is something that you can negotiate with the lessor.
- Base monthly payment - As the name suggests, this is your monthly payment for the lease, which covers depreciation, finance charges, amortized amounts, plus taxes and other fees.
- Buyout price - Should you choose to purchase the car while the lease is ongoing, this is the price you’ll need to pay. The buyout price may decrease along with the depreciation of the vehicle.
- Disposition fee - This fee will be charged at the end of the lease and covers the dealer’s cost for selling or disposing of the car. Typically, this fee will be waived if you purchase the Traverse or start a new lease/financing with the dealership.
- Lease term - Refers to the duration of the lease, which typically lasts 2-4 years.
- Mileage cap - Refers to the number of miles you’re allowed to drive every year. Generally, the mileage allowance ranges from 10,000 to 15,000 miles annually. Going over the cap means incurring penalties which can range from $0.15 per mile for lower-priced cars to $0.30 per mile for some luxury models.
- Residual value - Refers to the estimated value of the car by the time the lease expires, including the depreciation cost. The residual value is pre-determined and agreed upon by both parties at the start of the lease.
- Early termination fee - Ending the lease before the scheduled term, whether voluntarily or involuntarily, will incur you early termination charges - which are usually hefty.
- Excessive wear and tear fee - Refers to the charge to cover for the damage (both interior and exterior) on your leased Traverse beyond what’s considered to be ‘normal’ wear and tear.
THE BEST USED LUXURY CARS ON THE MARKET
Buying a used or CPO luxury car is one of the smartest buys you can make - you can get a lot of car for not much money. You can pick up a three-year-old luxury car for about half of what you’d pay new. Check out this list of the best used luxury cars on the market to find the best deals.
Why Should You Lease a Chevy Traverse Instead of Buying?
Leasing is not for everybody. This type of financing has its pros and cons, and perhaps its biggest drawback is that you don’t own the vehicle - basically, you’re entering a long-term rental agreement. However, there are numerous benefits to leasing a Chevy Traverse versus straight-up buying it:
- Lower monthly payments - Since you’re only paying for the depreciation cost while the car is under your care, your monthly payments will be lower than a traditional car loan. Don’t hesitate to ask your dealer to walk you through the cost difference of leasing vs. buying.
- Experience ‘new’ more often - If you love driving the newest models the market has to offer, leasing may be the best option for you. A standard car loan usually lasts from 4-7 years, while a lease lasts from 2-3 years. By leasing, you get to drive the latest Traverse models and trims and have access to cutting-edge tech and safety features.
- Pay for the best miles - There’s no arguing the fact that the best miles are experienced while the vehicle is brand new and under warranty. If you lease a brand new Traverse, you’re paying for the best miles that you can drive for this crossover SUV.
- Lower repair costs - Because lease terms are generally shorter, most of the repairs will be covered under the manufacturer’s warranty. In some cases, the manufacturer will even cover the routine maintenance costs. Before finalizing the lease, make sure you understand which repairs and maintenance jobs are covered to avoid unpleasant surprises in the bill.
THE BEST USED SUVS UNDER $10,000
We looked into price, reliability, features, and more to create this list of the best used SUVs under $10k on the market today. Take a look - some of the best used SUVs have gone mostly overlooked or forgotten.
Should You Lease a Chevy Traverse?
This decision depends on your personal preferences and how you’re planning to use the Traverse. The Chevy Traverse is a solid family SUV that can accommodate up to eight passengers.
If you have a large family with several kids and especially little ones, a lease may not work to your advantage since the interior will likely take a beating from the chaos. Also, if you’re planning to go on outdoor adventures and lengthy road trips, leasing the Traverse isn’t the best choice.
On the other hand, if you have a small family with older children or teens, leasing a Chevy Traverse is certainly worth the consideration. Be on the lookout for deals and offers, and make sure you get a lease that fits your budget and lifestyle.
Get a Curated List of the Best Used Cars Near You
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