Should I Buy or Lease?

Mercedes-Benz A-Class Driving

While shopping for a new vehicle can be exciting, it can be a little confusing which is the best financial path to take. If you’re car shopping and questioning, “Should I buy or lease,” you aren’t alone. When it comes to picking between a lease vs. financing, there isn’t really a wrong choice, but one might be a better fit for your situation. Star Motors of Ottawa Mercedes-Benz covers the benefits to both to help you weigh your options below.

Benefits of Buying

  • No Kilometrage Restrictions: If you’re on the road a lot for work or enjoy road trips with your family and friends, buying gives you that freedom. With leasing, there are kilometrage restrictions that could come into play if you spend a lot of time behind the wheel.
  • Customization: When you own your vehicle, you are free to customize and personalize the vehicle to your heart’s content. From increasing performance to sprucing up your vehicle with new paint or Mercedes-Benz accessories, you’re free to make any changes you desire. 
  • Ability to Sell: Since you’re not locked into a lease agreement, you’ll have the option to sell your vehicle at any time. 
  • Interest Rates: When financing, you’ll have the option down the line to refinance for a lower interest rate.
  • Less Cost Over Time: Buying a new vehicle can cost more upfront, but costs decrease over time, especially once you’ve paid off your loan and no longer need to make monthly payments. 
Mercedes-Benz C-Class Parked Outside Home

Benefits of Leasing

  • Lower Payments: When leasing, you often don’t need a down payment and can enjoy lower monthly payments.
  • Trade-Ins: Once your lease contract is up, you can simply return your vehicle and keys to the dealership and pay any remaining fees. Then, you’re free to leave, choose a new lease, or purchase a vehicle. 
  • Great Coverage: Thanks to maintenance and warranty coverage, most issues that pop up will be covered as long as you haven’t exceeded the lease kilometrage restrictions. 
  • Options: With leasing, shoppers are often able to afford more expensive trims and features than they could when buying. In addition, they’re able to upgrade their vehicle every few years to always have access to the latest technologies.
Mercedes-Benz GLS Parked Outside Home

Speak With Our Finance Centre to Learn More!

Want to speak with a professional about the pros and cons of a lease vs. buying? Get in touch with the professionals at our finance centre to discuss your financing options and other car buying tips. Ready to make a purchase? You can prequalify for credit online!

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