Should I Buy or Lease?

car keys on table
If you’re in the market for a new vehicle to upgrade your Oakville commute, you may be trying to decide whether it’s better to buy or lease. While there are benefits to both, when considering buying vs. leasing a car it comes down to what your personal needs are and how much you can afford. The finance team here at Volvo of Waterloo has prepared this guide to help you answer the question, “Should I buy or lease?”

Benefits of Buying

  • No Mileage Restrictions: If you expect to roll up the kilometers commuting to Toronto and beyond, you may want to consider buying. Without the mileage limits you get on a leased vehicle, you’re free to drive as much as you want.
  • Total Ownership: Buying a vehicle means it’s yours and you are free to do with the vehicle what you please. There are no restrictions on how it’s modified, decorated, etc.
  • Customization: Buying rather than leasing allows you to make cosmetic and mechanical changes as you see fit. Create the car of your dreams without restriction.
  • Ability to Sell: You can opt to sell your vehicle whenever you choose.
  • Financing Options: While leasing isn’t all that complicated, the car financing process is more straightforward, and generally open to those without a stellar credit score. When buying, you can also refinance your loan to lower your interest rate and monthly payments.
  • Less Cost Over Time: Though buying a new car can be more expensive upfront, it is less of a burden in terms of cost over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.

Benefits of Leasing

  • Lower Payments: When you lease a vehicle the down payment and monthly payments will be much lower than when you buy.
  • Trade-Ins: When your lease agreement is over, the process of getting your next leased vehicle is simple. Head to your local Waterloo dealership, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: Warranty coverage and maintenance is a part of your lease agreement. Any issue that pops up under your warranty, as long as you don’t go over the mileage limit, is covered.
  • Options: When you lease a car you’ll have the opportunity to always drive the newest models with the most up-to-date tech. You’ll have a wide range of options and will be able to find the model that has all of the features you want.
  • High Approval Rate: While you may be denied for a car loan, you’ll find that it is much easier to get approved for a lease, as even those with less than ideal credit can be approved.

Explore Leasing and Financing Options at Volvo of Waterloo

Your personal needs and financial situation will be the deciding factors when you’re considering buying vs. leasing. Here at Volvo of Waterloo we’re happy to help you decide whether to buy or to lease, and thanks to our new vehicle specials and current offers and incentives, you’re sure to get the great deal you’ve been searching for in the London area. Apply for financing with us online to see if you prequalify for credit, and please feel free to contact us if you have any questions. If you’d like to skip choosing between buying or leasing, find out about our Care by Volvo subscription service. We’d love to put you behind the wheel of an exciting new Volvo today!

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Volvo of Waterloo 43.4977473, -80.5307355.