Should I Buy or Lease?

When you’re looking at a new or certified pre-owned vehicle around Sherwood Park, you might be debating whether leasing vs. buying is the best option. If you’re asking, “Should I buy or lease a car?” it’s important to consider when it comes to your needs and budget.

At Capital GMC Buick, our staff knows car buying can be more time-consuming than imagined. As a result, if you’re asking, “Should I buy or lease a car?” we will provide you with as much information as possible. Learn more about what each involves and call us at 825-901-4058 today with any questions.

Leasing vs. Buying a Vehicle

When comparing leasing vs. buying, it’s important to understand what each process involves. Leasing a vehicle around Leduc will be similar to renting a car for a long-term contract. During this period, you will be locked into monthly payments, and you won’t be able to build equity as you would from buying the vehicle.

You’re paying for the ability to use the vehicle for a specific period and the agreed-upon kilometrage between you and the dealership. When your car lease ends, you can trade your vehicle in and replace one leased model with another one, buy the car, or end your lease.

Pros and Cons of Leasing a Car

Pros

• Lower Monthly Payments: When you lease a car around the St. Albert area, you’ll have smaller down payments.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease, and most repairs will be covered within your existing lease terms. 
• No Resale Worries: At lease end, you can return your vehicle. If you’ve exceeded the agreed-upon kilometrage, or there’s wear and tear, you may have some fees to pay.
• Get a New Car Every Few Years: You’ll be able to get the latest models with the most advanced features and tech by upgrading via your lease.

Cons: 

• Kilometrage Requirements: For those who’ve exceeded their agreed-upon kilometrage, you might end up paying some fees.
• Consistent Monthly Payments: You must maintain those monthly payments to keep your vehicle, and it must be constant during your lease period.

Pros and Cons of Buying a Car

Pros:

• Ownership: Buying a vehicle outright means you’ll have full ownership and can do whatever you want afterward.
• Vehicle Customization: Leases will have rules about what can be done with your new vehicle near Sherwood Park. Owning your car means you won’t have to do it.
• No Restrictions: You won’t have to worry about kilometrage rules, wear and tear, and other potential issues. All repairs and service maintenance are at your discretion. 

Cons:

• Higher Monthly Payments: Leasing a vehicle means lower monthly payments when compared to buying it outright.
• Rapid Depreciation: Newer vehicles will lose between 15% and 50% of their value in the first five years.
• Larger Down Payment: When trying to get approved for a loan, you may have to make a larger down payment. Leasing your vehicle will mean less chance of this occurring. 

Buy or Lease Your Next Buick, GMC With Capital GMC Buick

Now that you know the difference between leasing vs, buying, if you’re looking for your next vehicle, turn to Capital GMC Buick today. You can also check out our new and pre-owned vehicle specials to see what catches your eye.

Remember, our finance centre staff is standing by to assist you with all your questions. Buy or lease your next vehicle near Leduc with Capital GMC Buick today!