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Should I Buy or Lease?

Should I Buy or Lease?

May 19 2023

If you’re in the Caledon area looking or a new vehicle you might be asking yourself, “Should I buy or lease?”, the answer is dependent on your financial situation. In terms of leasing vs. buying, you’ll read about the benefits of both while considering your needs, wants, and what you can comfortably afford. Mercedes-Benz Brampton is here to walk you through the benefits of financing and leasing, then come visit us at Mercedes-Benz Brampton once you make your decision!

Benefits of Buying

No Mileage Restrictions: If traveling inside and outside the Georgetown area is something you frequently do, buying might be your best option. Unlike leased vehicles, you won’t have any mileage limits so you’re free to drive wherever you want.
Total Ownership: Buying a vehicle means you own it and can do whatever you’d like with it. There are zero restrictions for decorating, modifying, etc.
Customization: Want to make sure your vehicle stands out from the rest? Buying allows you to mechanically and cosmetically change your vehicle. You can build your dream car without restrictions.
Ability to Sell: Since you own your vehicle, you can opt to see it whenever you like because there is no legally binding lease agreement.
Financing Options: Leasing isn’t a huge hassle, but the car financing process is more straightforward, and usually open to people without perfect credit scores. When you buy a vehicle, you can refinance the loan to lower the monthly payments and interest rate.
Less Cost Over Time: Buying a car is immediately more expensive than leasing one. However, the cost over time is much less than it would be when you continuously put money towards your loan. With complete ownership,the vehicle is less expensive the longer you own it.

Benefits of Leasing

Lower Payments: When you lease a vehicle, the costs of a down payment and monthly payments are drastically lower.
Less Sales Tax: In many states, leasing a vehicle significantly lowers sales tax. in most states, leasing a vehicle drastically lowers sales tax. Depending on the area you’re in, you only have to pay tax on whatever amount you put down towards your down payment and monthly payments.
Trade-Ins: Once your current lease agreement is over, getting your next leased vehicle is a simple process. The process simply requires you to pay any remaining fees at your local dealership near Orangeville, and then you’re ready to take home your next vehicle!
Great Coverage: Due to maintenance and coverage being easy for leasing, if you’re within your mileage limits and any problems come up, they will be covered under your warranty.
Options: Leasing offers you an opportunity to try the newest, high-tech features in any of the new models you select. You’ll be able to find the model that fits you perfectly due to all the options.
High Approval Rate: While you can be denied a car loan, it’s much easier to be approved for a lease. Those with poor or no credit can even be approved.

Explore Leasing and Financing Options at Mercedes-Benz Brampton

Weighing the options of leasing vs. buying can be difficult, but remember that it is totally dependent based on your financial situation and personal needs, just like buying GAP insurance and the situations it covers. When you come visit our financing centre at Mercedes-Benz Brampton, you can explore our Mercedes-Benz financing and leasing options to figure out which one fits you best. If you have any questions about our vehicle inventory, feel free to contact us today!

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