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Buying vs leasing a new car and the differences between them

By Product Expert | Posted in Comparisons, Specials, Tips & Tricks, Used Cars on Wednesday, May 22nd, 2019 at 9:36 pm
A sign with the word leasing pointed one way and buying pointed the way

Buying vs Leasing a New Car  

Once you’ve decided that you need to get a new vehicle, the next step is figuring out how you’re going to pay for it and whether you should buy it or lease it. Deciding if buying or leasing a new car is not an easy task and must not be taken lightly if you want to make the right decision. There are many differences between buying vs leasing a new car and knowing which one best fits your finances and needs is the key to making the right choice. Keep reading to learn more about buying vs leasing a new car. 

[Learn More: New Car Lease Deals in Kelowna, BC] 

Differences Between Buying vs Leasing a New Car 

There is a lot at stake when you make your decision of buying or leasing a new car. The biggest factors include money, how long you want to drive the vehicle, and how often you drive. There are many differences between buying and leasing a new car and you’re about to learn what some of them are.

Benefits of Buying a New Car 

  1. You own the car. When you buy a new car and finish paying it off, you own it.
  2. You can sell your car. Your vehicle has a resale value and you can sell it whenever you want to. 
  3. You don’t have to buy extra car insurance. You can get the car insurance you want to get whereas some leases will demand extra coverage. 
  4. You’re in charge of maintenance. It’s your car, so you can do whatever you want to it when it comes to vehicle maintenance.

Budget text tacked on a board

Two signs with the word leasing pointed one way and buying pointed the other way

Benefits of Leasing a New Car 

  1. Less expensive. The down payment you need and the monthly payments are typically lower when you lease a new car. 
  2. New features. If you lease a new car every couple of years, you’ll always get the latest and greatest features and options in your new car. 
  3. No trade-in problems. Once the lease is over, you simply drop off the vehicle and keys. 
  4. Drive a higher trim level. A lease typically has a lower monthly price which allows you to get a higher trim level that offers more technology and comfort features.

[Apply Here: Bad Credit Car Loans in Kelowna, BC] 

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