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Should you buy or lease your next car?

Should you buy or lease your next car?

Financial Education / Should you buy or lease your next car?


The decision to buy or lease depends on a number of factors, including how long you intend to keep the car. Before you sign the deal, weigh the pros and cons of both options and consider your top priorities when shopping for a car.

Leasing — drive a new car every few years

Pros

  • Lower monthly payments compared to an auto loan
  • Convenience of driving new cars with the latest features
  • Leased vehicles are protected by a warranty

Cons

  • Restrictions on mileage, customization, and wear-and-tear
  • Unexpected lease-end fees can be costly
  • Pay more in the long run compared to buying a car

Leasing tip: 

Be sure to check the fine print of a leasing contract for fees and restrictions. 

Buying — get the most value

Pros

  • Lower cost of ownership in the long term compared to leasing
  • Build resale or trade-in value
  • No restrictions on the number of miles you drive

Cons

  • Higher monthly payments compared to a lease
  • Repairs are your responsibility (if out of warranty)
  • You’re responsible for selling or trading in the car

Buying tip:

A low-rate auto loan helps make buying even more affordable. When you pay off the loan in the future, you’ll free up money to focus on other goals.

Does buying a car sound like the right fit for you? Our consumer lending experts make it easy to finance your next vehicle purchase!

Apply for an auto loan

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Personal Finance Financing Financial Planning

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