To lease or to own? That’s the question facing every driver in the market for a new car. The issue is surprisingly divisive, with die-hard supporters on each side.
Lease-lovers adore getting a brand new, shiny car with the latest technology every few years, while owner-advocates are willing to pay higher monthly payments now, for the promise of paying $0 in the future.
Ultimately, leases are good for those who want more flexibility. They want to drive the latest vehicle, pay a reasonable monthly rate and trade it in for the next hottest thing in three years. Buying a car is good for those who like to keep their cars for a longer period of time or drive lots of kilometers each year. They’re in it for the long-term and have the cash flow and motivation to pay off their auto loan as soon as possible. Check with your dealer and ask lots of questions to see what the best option is for you.
Read the full article by Scotiabank on leasing vs. buying a car in Canada before you make up your mind.
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