Should I Buy or Lease?

Couple sitting at sales desk at dealership
 

Are you shopping for a Mercedes-Benz for sale near Langley? Then, take a moment to explore the inventory at Mercedes-Benz Surrey and fill out a pre-approval. Once you’ve been approved and found some options you love, it’s time to figure out whether you prefer to finance or lease your vehicle. Has it been a while since you reviewed the differences between these options? No worries. We’re here to help our White Rock neighbours navigate the differences between leasing vs. buying, so they can find the right financial path for their needs.

Leasing vs. Buying: Fundamental Differences

Should I buy or lease? That is the question. Before we dive into the unique benefits of each strategy, let’s define what “leasing” and “buying” are in the first place!

  • Leasing: When you lease, you “rent” a vehicle for several years. You only have to pay for the amount of value that depreciates over the course of your lease term.
  • Buying: When you buy, you can either outright buy your vehicle in one payment, or you can get a loan that covers the full value of the vehicle. Over the course of your loan, you’ll make payments towards that loan with the intention of one day owning your vehicle.

Leasing vs. Buying: Difference Advantages

Now that you know what leasing and buying are, let’s take a look at their different benefits. Bear in mind that neither path is better than the other, but as you review the advantages of each, you’ll identify which is best for your unique situation:

Leasing: 

  • Because you’re only on the line for depreciation over the course of a temporary lease, you won’t have to raise as large of a down payment and your monthly payments will be smaller.
  • Your vehicle will be covered by its original warranty, so you won’t have to pay for maintenance or repair.
  • When your lease is up, you can renew it, finance the rest of the value, trade your vehicle for another lease, or walk away.

Buying: 

  • When you make monthly payments towards your loan, you’ll chip away at the principal (the loan amount minus interest). When it comes time to sell, you’ll be able to ask for the street value of your vehicle, which could be much more than whatever you currently owe on the principal of your loan. In sum: you get to build equity!
  • You have the freedom to customize your vehicle however you like.
  • You don’t have to worry about monthly kilometrage limits or overage fees.

Have Questions About Leasing vs. Financing?

Still unsure of whether you should buy or lease? Richmond drivers can call Mercedes-Benz Surrey at 604-581-7662 for help. Our financiers can look at your financial history and preferences, and help you find the perfect strategy for your needs. While you’re here, take a moment to explore our Mercedes-Benz GLE lease specials!

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