Should I Buy or Lease?

Mercedes-Benz C-Class Parked in Front of Home

Once you decide you’re in the market for a new vehicle, the next thing to consider is which is the best financial path to take. The best course of action depends on the individual when it comes to leasing vs. buying. There are multiple benefits to buying and leasing, but think about what your needs are, what you can afford, and what you want. Let’s take a look at the benefits that come with financing and leasing so you can answer the question, “Should I buy or lease?”

Benefits of Buying

  • No Mileage Restrictions: If you’re driving goes beyond local trips around Stittsville-Kanata, buying may be a better fit. Without the mileage limits you get on a leased vehicle, you’re free to hit the road as much as you’d like.
  • Total Ownership: When you purchase a vehicle, there are no restrictions on how it’s modified, decorated, etc. It’s yours to do with as you wish.
  • Customization: When you want to create the vehicle of your dreams, buying a vehicle allows you to customize your ride to your heart’s content.
  • Ability to Sell: Since you’re not locked into a lease agreement, you can opt to sell your vehicle whenever you choose.
  • Financing Options: While leasing isn’t a massive headache, the car financing process is generally more straightforward. You can also opt to refinance your loan to lower your interest rate and monthly payments.
  • Less Cost Over Time: Though the upfront costs can be higher when buying, the actual cost of ownership goes down over time.
Mercedes-Benz E-Class Front End Parked in Front of Home

Benefits of Leasing

  • Lower Payments: Whether it’s monthly payments or down payments, payments are normally lower when leasing.
  • Less Sales Tax: In most provinces, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • Trade-Ins: Once your lease agreement is up, getting your next leased vehicle is easy. Simple head to your local Ottawa dealership, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: Warranty coverage and maintenance is a breeze when leasing. As long as you don’t go over the mileage limit, any issues should be covered.
  • Options: Leasing allows you to update models every few years so you always have access to the latest features. Not only that, but due to the lower payments and upfront costs, you may be able to get into a trim level you couldn’t otherwise afford.
Mercedes-Benz GLC Driving

Explore Leasing and Financing Options at Star Motors of Ottawa Mercedes-Benz

Whether you choose to lease or finance will depend highly on your circumstances and needs. Need more help weighing your options? Speak with an expert at our finance centre who can go through your personal circumstances and help you decide which is the best fit.

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