As big of a decision as buying a car can be, the decision to lease or buy outright is equally important. Very much like renting or buying a house, both options have their opposing advantages and disadvantages. When you lease a vehicle, the most obvious benefit is the ability to hand the keys back at the end of the term, and not have to worry about selling it yourself. This one factor alone is enough to convince many to lease, especially if you don’t anticipate particularly high mileage during the time you plan to own your vehicle. Financing, on the other hand, is the better option for those who favour eventual ownership.
Your payment will be significantly higher if you opt to buy, but it will also go towards the overall price of the car. If you plan to keep it for an extended period, your payments will end while you still own the vehicle. Another factor to consider is the size of your down payment, which can lower overall payments in the case of buying, but is less advantageous when leasing. At Acura Sherway, our financial experts will explain your options clearly and honestly, and help you make the decision that’s right for you.