Should I Buy or Lease?

Signing Finance Documents for Car

One of the first decisions Toronto drivers will need to make on the car shopping journey is whether they would prefer to buy or lease. When it comes to the advantages of a lease vs. buying, neither strategy is superior to the other. They have unique advantages that suit different types of drivers. Read on to learn about which strategy is likely best for you. Then apply for financing to take the next step with Mercedes-Benz Durham.

Benefits of Buying:

  • No Mileage Restrictions: “Should I buy or lease?” There’s no simple answer to this question. An important thing to consider however is that leases come with monthly mileage limits, so you regularly commute to Oshawa, and you’re at risk of going over, it may not make sense to lease given the fees.
  • Total Ownership: When you buy, you can customize your vehicle however you like.
  • Ability to Sell: You can sell your car whenever you want. You see the funds from the sale, making this the most cost-effective strategy in the long run.
  • Refinancing: If your credit score gets much higher, you can always opt to refinance your loan for a lower interest rate.

Benefits of Leasing

  • Lower Payments: When you lease, you make lower monthly payment and a smaller down payment. While it’s not as cost-effective as buying in the long run, it gives your monthly budget immediate relief.
  • Less Sales Tax: Most states require much less sales tax on a lease than they do for financing.
  • Trade-Ins: Every 3-years, your contract will end, and you can trade your model in for the latest that the automotive industry has to offer.
  • Great Coverage: Leases always fall under their original manufacturer warranty, which means you won’t have to pay for the majority of repairs or services.
  • Options: When your lease is up, you have the freedom to continue your lease, move on, or finance the remaining value with the intent to own.

Compare a Lease vs. Buying With Our Financiers

“Should I buy or lease?” you asked. We hope we helped you come to a conclusion, but if you’re still uncertain about which strategy is right for you, get in touch with the financiers at Mercedes-Benz Durham. You can call us at (905)-666-8805 to get started in Whitby, but don’t forget to check out our new vehicle specials first! If you have other questions about car shopping, you can also explore our car buying tips for other informative reads about how to pay your car loan off early and more!

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