When you're in the market for a new vehicle, there are several different choices you need to make before you can drive the vehicle off the lot. You’ll be narrowing down a make and model, 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 you want to lease or buy. So how do you know which is best? That is where our finance team can help! 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. Having the information on both options is critical to making the best possible decision.

Naturally, both vehicles are going to come with their fair share of pros and cons, so here's an easy-to-read comparison:

Lease Finance
Leasing Advantages
  • Experience “new” more often – lease contacts typically run only 3 to 4 years. This is a great option for those who prefer driving a newer vehicle
  • Access to the newest technology, styling, and performance more often
  • Shorter terms with a smaller payment
  • Your vehicle can be covered under warranty for the entire duration of your lease
Financing Advantages
  • Set monthly or bi-weekly payments for the entire duration of your loan
  • During this time, you are building equity in your vehicle
  • When your loan is paid off, you have complete ownership over the vehicle
  • You can drive as much as you like – no kilometer restrictions
Leasing Disadvantages
  • When you are leasing, you may have restrictions on the number of kilometres driven
  • You don’t own the vehicle at the end of the term; however, you do have the option to buy it
  • You may have to pay for any additional wear and tear when returning the leased vehicle
Financing Disadvantages
  • If you do not plan on keeping the vehicle long term, it can be a bigger financial undertaking as the payments will be larger
  • If your warranty has ended or if you did not purchase extended warranty, you could be paying for unexpected repairs
  • You will be responsible for selling or trading in the vehicle.

As you can see, determining whether you 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. Get in touch with our staff here at Dean Cooley GM with any further questions you may have, or if you need help determining which avenue is the correct one for you.

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