For most drivers, the decision between leasing and financing a new vehicle comes down to lifestyle, budget, and long-term goals. Below, we explain 10 key differences and provide real context to help you understand which path makes the most sense.
Leases typically offer lower monthly payments compared to financing. You're only paying for the depreciation over the lease term, not the full value of the car. Financing requires larger payments but contributes to ownership equity.
Leasing often has lower upfront costs, which may include just a security deposit and first month’s payment. Financing usually requires a larger down payment to secure favourable rates.
In the long run, financing is more cost-effective if you keep your vehicle for many years. Leasing often results in continuous payments with no long-term ownership asset.
Leasing comes with strict mileage limits—usually 16,000 to 24,000 km per year—with penalties for exceeding them. With financing, you can drive as much as you want.
Financed vehicles can be modified, from aftermarket wheels to window tinting. Lease contracts typically forbid modifications.
Lease terms often coincide with the vehicle’s factory warranty, which means minimal repair costs. With financing, you might want to consider extended warranties as the vehicle ages.
At lease-end, you return the vehicle, buy it out, or start a new lease. Financing offers full flexibility—you can keep, sell, or trade the vehicle at any time without restrictions.
In BC, leased vehicles are taxed monthly, while financed vehicles have tax applied upfront on the full purchase price. For some buyers, this impacts cash flow planning.
Leasing may require stronger credit due to risk for the lender. Financing options are often more flexible, especially with programs available at Morrey OnePrice for buyers with limited or rebuilding credit.
If you want low payments and always drive a newer vehicle, leasing might be ideal. But if you prefer long-term value, no mileage limits, and eventual ownership, financing is often the better choice.
Morrey OnePrice is here to walk you through both options. Whether you’re exploring a Volvo XC60 lease or looking to finance a Nissan Rogue, we’ll show you detailed side-by-side comparisons and tailor a plan that works for your life in BC.
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