Should you buy or lease?
It’s a crucial question when you’re deciding on a new car. Learning about each option can help you make the choice that’s right for you.
The chart below outlines the important differences between buying and leasing.
Financing with a loan
- You own the vehicle
- Ideal if you want to keep your vehicle for a long time
- No concerns about wear and tear
- Drive your vehicle as much as you want
- Customize your ride the way you like
- Because you’re paying for the full price, you might need a longer term
- You’re responsible for repairs once the warranty expires
Financing with a lease
- You can enjoy a new car every few years
- Perfect if you like the latest and greatest technology
- You’re responsible for the vehicle’s maintenance
- You choose your annual driving distance limits
- Enjoy lower monthly payments
- No need to negotiate a trade-in value at the end of your lease
- Leases can usually be structured to stay within the warranty period
Still not sure which way to go?
Speak to your dealership. They’ll help you make a decision that’s right for you.