Leasing Vs. Buying Your Next Vehicle

Many drivers in the market for a new vehicle find it hard choosing whether or not they want to buy their model of choice, or lease it. While both approaches have their own advantages, it’s only natural that certain types of vehicle shoppers will prefer one over the other. To help drivers decide if they want to lease or purchase their next vehicle, we’ve broken down the advantages and disadvantages of both options down below.

Advantages of Purchasing a New Vehicle

Drivers who want to fully own their vehicle will be happier purchasing rather than leasing. Once the vehicle is fully paid off, the driver can keep it for as long as they like. Drivers who buy their vehicle also don’t need to worry about customizing their vehicle, which is often discouraged or restricted in leasing contracts.





Disadvantages of Purchasing a New Vehicle

However, drivers should also note that purchasing a vehicle will typically result in higher monthly payments than leasing. Drivers will also be fully responsible for their vehicle’s maintenance, which will likely become more expensive as it ages and parts start to deteriorate. While the freedom of completely owning a vehicle is nice for many drivers, it can also be expensive.




Advantages of Leasing a New Vehicle 

Drivers who aren’t concerned with owning their vehicle, and who would like to drive a new car every few years, will prefer leasing to buying. As drivers return their vehicle at the end of their lease term, they won’t have to worry about maintaining the vehicle as it ages, or finding a buyer if they wish to change vehicles.




Disadvantages of Leasing a New Vehicle

While drivers may be drawn to vehicle leasing due to the lower monthly payments, drivers should also note that leasing long-term may be more expensive than purchasing a vehicle and paying it off, as the payments never end. Drivers may also have to pay wear-and-tear charges at the end of the lease, depending on the vehicle’s condition.



Purchase or Lease Your Next Vehicle at Hogan Chevrolet

Overall, drivers should base their decision to lease or buy their vehicle on how much they desire to own their vehicle, their comfort with the terms of their potential lease, and how much they’re willing to pay both monthly and over time. Drivers in or near Scarborough, Ontario can lease or buy their next vehicle right here at Hogan Chevrolet. Explore our online inventory to see our current selection of new vehicles. Have any questions for our team? Give us a call at (844) 939-0240 or send us a message using the form below.