Should I Buy Or Lease in Guelph?
Should I Buy Or Lease in Guelph?
Posted on March 15, 2021
If you’re looking for a new car, the choice between buy or lease in Guelph can be daunting. Each has its pros and cons and will be more suitable for some situations more than others. Today’s post is going to explore the benefits of each so you can make an informed decision about the direction you take.
Once you do make up your mind, our team can help with both. We have a dedicated leasing and auto loan team here so can assist whatever you choose!
The pros of leasing a car in Guelph
Guelph car leasing is incredibly popular in Canada because it can offer significant benefits.
Those benefits include:
Lower monthly payments – As you’re only paying for the lease and not the asset, your payments should be cheaper. How much cheaper depends on the type of car and its resale value once the lease is up.
New vehicles every couple of years – If you like driving the latest cars, leasing is an accessible way to do that. You’ll get a new car every 2-3 years and will always be driving the latest models.
No maintenance – As the car is new, there will be zero maintenance for the lease. Some deals also include maintenance should you lease for longer so there are no unexpected expenses to contend with.
No selling your old car – However you go about it, selling your old car can be a real hassle. You have to be available for inspections and test drives, you have to haggle with buyers and put up with test pilots and timewasters. No such thing with leases!
The pros of buying a car in Guelph
There are also significant upsides to buying your car instead of leasing it.
Car ownership – Leasing is renting. Buying means you’ll own the car at the end and will have an asset to show for it. You can leverage that asset for future purchases or do whatever you like with it.
Good value – While more expensive per month and in total, having an asset at the end means that extra expense is actually worthwhile if you can afford it. The longer you plan to keep the car, the better value it offers.
No mileage limits – Most leases will come with mileage limits to help preserve the resale value of the car. If you exceed that, you could be liable for excess mileage fees which are usually charged per mile.
No end of lease inspections – Buying means never having to go through one of those dreaded end of lease condition inspections. Not all of them are ordeals but some of them certainly can be!
Trade in ready for the next car – Owning the car at the end of the auto loan means you’ll have something to put towards the next one. Depending on the age and value, that can significantly reduce the amount you’ll need to borrow with a car loan.
There is no ‘perfect’ option here. Just the option that’s right for you. If you like driving new cars, leasing may be your best bet. If you prefer to pay for something you’ll own or plan to keep the car for a long time, buying may be best.
Whether you choose to buy or lease in Guelph for your next car, our auto loan team will be here to help.
We will use all our skill and experience to deliver the lowest possible Guelph auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.