Buying or Leasing a Vehicle? Pros and Cons

The choice between buying and renting a vehicle offers two sets of very distinct advantages. According to your tastes, there’s probably going to be an option that’s better for you.

AutoStudio72, your dealership specialized in the sale of used cars, gives you a summary of the biggest differences between each option, so that you’re best equipped to make the right choice.

Buying a Car: The Best Long-Term Value

If you hope to keep the same vehicle for a long period of time, buying a car is probably the better option.

The reason is simple: once you’re done paying for your car, you can say goodbye to monthly payments. If you rent a vehicle, instalments will follow you all throughout your lease.

To save more money over time, it could be even better to buy a pre-owned vehicle. Thanks to a lower purchase price, your vehicle will be instalment-free even faster. A used car that has been bought at a trustworthy dealer can be used for quite a long time.

No Limits on Your Mileage

Another benefit of buying a car is that you’ll be allowed to drive it without any restrictions. Oftentimes, rental agreements include a clause about maximum mileage. This clause dictates a mileage you cannot go over during your lease without incurring additional fees.

When you buy a car, there is obviously no such restrictions on your use. Since the car belongs to you, it’s yours to use as you see fit.

If you plan to drive around a lot in your car, it’s usually more profitable to go out and buy a vehicle, since high mileage rental agreements are harder to find and often less beneficial.

Car Rental: Drive a New Car More Frequently

If you generally like to try new things, car rental might be the best answer for you. Since a lease’s duration can vary in accordance with your needs, it becomes easy to get a new car quite often.

You’ll be able to keep similar monthly payments while always being behind the wheel of a newer vehicle.

Some people prefer the freedom of never having to commit to one car, and that’s what leasing allows. It’s far harder to sell and buy a new car then it is to sign a new lease when your previous one ends.

Lower Monthly Installments

Another advantage of renting a car can be found in lower monthly payments. It’s cheaper for you to rent a car than it is to buy it. Usually, rental fees are directly tied to a vehicle’s value and the depreciation it is expected to undergo while in your possession.

Indeed, a vehicle loses a lot of its value during its first four years on the market. This depreciation value is used to set a reasonable monthly payments plan. Hence, you only pay for a fraction of your rental car’s total value.

If you’re looking for more affordable monthly payments, but rental just isn’t for you, you might want to shop for a used car. It’s an excellent way to minimize your instalments while getting a vehicle that’s truly yours and that you’ll get to keep for as long as you want.

Reasons to Buy or Rent

To choose between rental and purchase, it’s important you’re able to properly define your priorities. Purchasing a vehicle is a better option if you want to:

  • Keep your car for a long period of time

  • Drive without any worries for your mileage

  • Be eventually free from monthly payments

On the other hand, rental could allow you to:

  • Change cars frequently

  • Get more affordable monthly payments

  • Drive new vehicles more often

Each option as its own advantages, directly linked to the other’s inconveniences. You simply must choose which option is better for you.

Used Cars for Sale: The Best of Both Worlds?

The advantages of renting a car are mostly about saving money on your vehicle. On the other hand, buying a car allows you to drive a vehicle that’s truly yours and with which you can do whatever you want.

By shopping on the used car market, you benefit from many upsides, such as:

  • A better starting price

  • Lower monthly payments than those on a brand-new car

  • No limits on your mileage

  • And more!

Renting and buying both have their own upsides. If you’re not convinced by either option, consider buying a pre-owned vehicle.

For the best prices on used vehicle sale, just come by AutoStudio 72, your dealership in Mirabel. Come meet us today to find your next car!

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