Leasing vs Buying

Benefits of Buying

Buying is a traditional choice and is one many drivers resort to by default when picking their next model. In general, buying presents a lot of benefits.

The most obvious perk to buying your car is you will eventually have it paid off and will own it outright. So not only does that mean the payments for the model eventually stop, but you’ll also have the model indefinitely in case you want to pass it down to children or sell it one day.

Additionally, buying gives you the chance to modify aspects of the car if you are keen to do so. Adjusting the styling, improving the performance, and painting the exterior are choices you can pursue when the model you have is truly yours.

Finally, there are various ways to break up your payment structure when buying so it fits within your budget. Our finance experts can help you do this.

Benefits of Leasing

Leasing is the more ready-made finance option for those who enjoy driving the newest models or those who simply want to retain their flexibility moving forward. A lease is basically a long-term rental and typically lasts between two and three years. However, you can approach the lease any way you want, such as buying the car outright once the lease ends or trading in the lease early for a new model.

Leasing makes sense if you want a new car right now and realize in a few years you’ll again want a new model as opposed to driving an aging one. Leasing is also a fit for those thinking about making the jump to an electric car. Given the growth and innovation within the electric car world, you can dip your toe into the segment by leasing one and seeing how you like it.

Finally, leasing is appropriate for anyone who may be in a transitional phase of life. If you have a large family now and require a 3-row SUV but know in a few years the children will be moving out, you can lease the SUV now, drive it for a few years, then easily downsize to another model in the future.