Should I finance or lease my next vehicle?

The decision to lease or finance is easy for some people, while others may find themselves questioning which ownership route is best for them.

A growing number of urban professionals may prefer leasing because they find it suits their lifestyle better, whereas others may see the advantages of buying-to-own as being a more profitable decision. To help strike a balance between what works for your lifestyle, budget and long-term vehicle objectives, we’ve outlined the best of both worlds! Knowing what you’re looking for in a vehicle and arming yourself with the right information is the best way to decide if it’s better to lease or buy your next vehicle.

Benefits of Buying

The most obvious perk of buying is that your new vehicle will be yours, outright. Unless you sell it or default on payments, you can drive your vehicle the way you want and worry less about dents and mileage like you would have to with leasing. Buying also gives you the freedom to customize your vehicle with added accessories and personalization.

Depending on how often you drive your vehicle, buying your car is an investment in your commute. You're making it your very own without kilometre restriction you’d find on lease agreements. Once those monthly payments are gone, and you’ve completely paid off your vehicle, you’re free to sell or keep your vehicle. With leasing, you'll always be committed to making monthly payments, because you don't own the vehicle and are therefore paying to borrow it. If you choose to buy, say goodbye to restrictions and hello to customization but be prepared to handle those service repairs yourself!


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Benefits of Leasing

At first glance, leasing may not seem like the choice for you but deciding to lease your next vehicle comes with some serious perks. If you are not a frequent driver or keep your annual kilometres under 24,000km, then leasing should be considered. Often, with the right lease agreement, you can secure a vehicle that might be a step above the one you would choose to finance. Lease terms tend to be less expensive than financing payments for the same vehicle. If you want to step up your game, leasing may be right for you.


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Still Can’t Decide?

There are a number of ways to get behind the wheel of your next vehicle. Whether you’re buying new or used, leasing, financing or buying outright, Castlegar Toyota and our team of financial services experts can help you find the right fit for you. Contact our financing department for more information.
 

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