Should I Buy or Lease?

Should I buy or lease a car?” Whether this is your first time buying a new vehicle or it’s been a while, and you’ve forgotten the difference between leasing vs buying, it’s okay. We’re here to teach you and refresh your memory so you can make the most informed decision for your next new car purchase. This is a major decision and common question we get, and it’s something that you should consider when it comes to your planned budget or needs. Take all the time you need to review their differences below. Then, explore our new inventory, and once you find the vehicle that’s right for you, fill out our online pre-approval form.

Leasing vs. Buying a Vehicle

Are you asking yourself, “Should I buy or lease a car?” When Airdrie drivers choose to lease, they essentially rent their car for several years. While they don’t get to build equity or sell the vehicle, they only have to pay for the depreciation that occurs over the lease term, meaning that their monthly payments will be lower and their down payment smaller. They also won’t have to pay as much sales tax.

Other benefits of leasing vs. buying include flexibility. When your lease is up, you can renew it, swap it out, end it, or finance the remaining value of your lease. Take a look below to learn some of the pros and cons of leasing vs. buying:

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller down payments in general when you decide to lease a car in Calgary.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Cons: 

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car, and that’s going to be a constant during the time of the lease.

Pros and Cons of Buying a Car

Pros:

• Ownership: Once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you have the ability to do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Buick, Chevrolet, GMC vehicle in Calgary. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Buy or Lease Your Next Vehicle with Capital Chevrolet Buick GMC

So, what is the proper answer to the question, “Should I buy or lease a car?” The truth is this entirely depends on what’s better for your budget and needs. You can also check out our new specials and pre-owned vehicle specials to see what catches your eye and provides a reliable option for driving around Strathmore and Okotoks. We look forward to seeing you at Capital Chevrolet Buick GMC!