When you're in the market for a new vehicle, there are a number of different choices you need to make before you'll find yourself driving it into your garage. For example, you'll be narrowing down a make and model, then possibly a colour and trim level. There's more - perhaps you'll want specific features and accessories, or even an entire package to be added. But then it will come time to sign the paperwork, and you'll need to decide whether or not you want to lease or buy. So how do you know which is best? That is where Murray Lethbridge comes in. Take a look at our Lease vs. Buy comparison and see what suits you.
When it comes to whether to lease or buy, there isn't a right or wrong answer necessarily; both are viable options for obtaining a new vehicle. What it comes down to is what works with your current budget and lifestyle. But having the information on both options is critical to making the best possible decision.
You own it for as long as you want it.
You are renting the vehicle until the end of the lease, when you can then choose to buy it.
Finance payments are usually higher as you are paying off the entire purchase price with interest, taxes, etc.
Generally lower payments each month as you only pay for the depreciation of the vehicle and not its cost.
You will be responsible for selling or trading in the vehicle.
Returns can be done at the end of the lease.
You can drive as much as you like.
Tends to be limited to how many miles you can drive per year. You will have to pay charges if you exceed the limit provided.
End of Term
When the finance term ends, you have no more payments and you are the owner of the vehicle.
When the lease ends, you must either return the vehicle or finance it to own for the remaining cost of the vehicle.
As you own the vehicle, you are free to modify it as you see fit.
The vehicle needs to be returned in a saleable condition so modifications need to be removed and can be costly.
So as you can see, determining whether or not your should be buying a car or leasing a car takes a little bit of self-evaluation. There are more details that come into play when you are considering longer lease terms and things of that nature as well. So get in touch with our staff here at Murray Lethbridge in Alberta with any further questions you may have, or if you need help determining which avenue is the correct one for you.
Still unsure or uneasy about leasing a vehicle? This infographic will shine a little more light and clear up some questions.
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