BUY VS. LEASE OPTIONS
When you’re in the market for a new vehicle, there are a number of different choices you need to make before you’ll find yourself driving it into your garage. For example, you’ll be narrowing down a make and model, then possibly a colour and trim level. There’s more – perhaps you’ll want specific features and accessories, or even an entire package to be added. But then it will come time to sign the paperwork, and you’ll need to decide whether or not you want to lease or buy. So how do you know which is best? That is where Murray GM Yarmouth & Barrington comes in.
|Ownership||You own it for as long as you want it||You are renting the vehicle until the end of the lease, when you can then choose to buy it|
|Monthly Payments||Finance payments are usually higher as you are paying off the entire purchase price with interest, taxes, etc.||Generally lower payments each month as you only pay for the depreciation of the vehicle and not its cost|
|Vehicle Return||You will be responsible for selling or trading in the vehicle||Returns can be done at the end of the lease|
|Mileage||You can drive as much as you like||Tends to be limited to how many miles you can drive per year. You will have to pay charges if you exceed the limit provided|
|End of Term||When the finance term ends, you have no more payments and you are the owner of the vehicle||When the lease ends, you must either return the vehicle or finance it to own for the remaining cost of the vehicle|
|Modifications||As you own the vehicle, you are free to modify it as you see fit||The vehicle needs to be returned in a sellable condition so modification need to be removed and can be costly|