Is It Better to Finance or Lease Your Next Vehicle?
Is It Better to Finance or Lease Your Next Vehicle?
Posted on May 17, 2023
Is It Better to Finance or Lease Your Next Vehicle?
Deciding whether to finance or lease a new vehicle can be tricky. There are benefits to each, depending on your goals, credit history, preferences, and needs. Here's a breakdown of the pros and cons of leasing versus financing.
Benefits of Leasing
Leasing a new car may be an ideal option for anyone who wants to keep monthly payments low and enjoys getting a new model every few years. A lease doesn't lead to ownership. Instead, you're basically paying to cover the costs of depreciation that occur while it's in your possession. This means there are typically some restrictions in the lease terms. These include annual mileage limits and prohibiting added modifications. If you don't drive more than 10,000 to 15,000 kilometres each year and take good care of your vehicles, leasing may be for you. If you wish to experience new vehicles with advanced technology upgrades every few years, then leasing is ideal for you.
Benefits of Financing
Financing is likely best for those who look forward to owning their vehicle one day or who appreciate the freedom from limitations that owning a car offers. Your payments will be more than those of a comparable lease, but you'll also be building equity. You can look forward to the day you can drive payment-free, and you'll have a trade-in when you are ready to get another vehicle. Plus, with financing, you're free from mileage restrictions and can make customizations or upgrades as you wish.
Get Your Next Vehicle Here!
If you're ready for a new vehicle, we welcome you to visit our dealership Pembroke Nissan in Pembroke, Ontario. We are just a short drive away from Petawawa, Deep River, Shawville, and Eganville. Our Finance Centre professionals are ready to help you find the right option for you, whether that be leasing or financing your new Nissan.