Lease vs Buy

There are two ways to get behind the wheel of a car: leasing and buying. These options are different but allow drivers around Toronto, Ontario, and Vancouver, Canada, to travel, get to work, and take road trips.
Pfaff is here to review the differences between leasing and buying so that you can determine the best option for your lifestyle.

What’s the Difference Between Leasing and Buying?

Leasing a vehicle is similar to a long-term rental. You drive it for several years and return it to the dealership when your lease ends. There are often kilometre limitations and specific service centres to which you must bring your vehicle.

Buying a vehicle often involves an auto loan. When your loan is paid off, you’ll receive the vehicle title. You own the car when you purchase it. There is no set time that you have to stop driving it.

Signing a finance agreement

Benefits of Leasing a Car

Handshake after singing a leasing agreement
Leasing a vehicle is a flexible option for drivers who want to experience more cars throughout their life. Leases, on average, last two to three years. You can lease another new vehicle when your lease is finished, giving yourself a different driving experience. Ending a lease is simple: you return the car to the designated lease drop-off centre.

Since leases are with new vehicles, you’ll also have the opportunity to explore the latest technologies and features every time you get behind the wheel of a new model.

Many leased vehicles come with a warranty for the duration of the lease. These warranties can help protect your car and reduce potential repair costs. Leased vehicles often have lower monthly payments, as well, making it a good option for drivers with a specific budget.

Benefits of Buying a Car

Car keys and money for a financing agreement
Buying a vehicle allows you to own that car. When you purchase a vehicle, you have the flexibility to do whatever you want with it. There are no mileage limitations, and you can customize it how you wish.

A vehicle purchase also allows you to service or repair a vehicle when and where you want. If you have a preferred service centre, you can take your vehicle there throughout its life.

Most vehicles are purchased with an auto loan. You have a monthly payment for a few years, but once your loan is paid off, there are no additional costs to vehicle ownership outside of fuel, maintenance, and insurance costs.

You are also able to sell your vehicle whenever it is convenient for you. This may be while you’re still paying off a loan or once the loan is already paid off. It is your choice.

Which Option is Right for You?

Whether you’re buying or leasing, you can find a vehicle you love at a Pfaff dealership. We work with drivers across Toronto, Ontario, and Vancouver, CA, to help them find the right car. While you shop with us, you’ll experience the Pfaff Difference.

Begin your search for a vehicle to lease or buy on our website or visit one of our dealerships in person.

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Pfaff Automotive Partners 43.8233389, -79.5300746.