Is It Cheaper to Buy or Lease a Car?

When it comes to acquiring a new vehicle, it’s not uncommon to have some questions. Chief among them is this: Is it cheaper to buy or lease a car? Knowing the answer will help you make the best decisions for your budget while ensuring you get the right vehicle for all your drives in Toronto, Calgary, and beyond. So, is it cheaper to buy a car or lease a car? Let Pfaff Leasing help you weigh each option so you can arrive at the right solution for your needs.

Is It Cheaper to Buy a Car or Lease? – Buying Information

Is it cheaper to lease or buy a car? While it’s much more common to buy a car rather than lease, it doesn’t necessarily mean that buying is the cheaper option. Buying typically involves higher down payments, higher monthly payments, and higher taxes and fees. With that said, you accrue equity in the vehicle when you buy it, and you’ll own it outright once it’s paid off.

Is It Cheaper to Buy a Car or Lease? – Leasing Information

Now, is it cheaper to lease or buy a car? For most lessees, leasing will be the more budget-friendly choice. This is because your monthly payments are going toward the depreciation of the vehicle, which is cheaper than putting that money toward the selling price of the vehicle. And while you won’t gain equity or own the vehicle at the close of the lease term, you will have the option of ending or renewing the lease, leasing another vehicle entirely, or financing what remains of the car’s value so you can become the legal owner. 

So, is it cheaper to buy or lease a car? Arguably, the biggest perks of leasing over buying include:

• Lower down payment
• Lower monthly payments
• Lower taxes and fees

Lease Your Next Vehicle in Woodbridge at Pfaff Leasing

Now that you can answer the question: Is it cheaper to buy or lease a car?, it’s time to start the search for your next vehicle. Contact us today to begin the process or utilize our vehicle finder service. Whether you’re in the market for a new or used car, we have options that will check all the boxes on your wishlist—and at a price that won’t stretch your budget thin!