Should You Lease a Car or Buy Your Own Car?

Are you confused whether you should buy your own car or get a Lease Takeover in Quebec? Is it becoming difficult for you to make this decision? If you answered these questions with a yes, then this guide will help you out in deciding which option to choose.

Both, the options have their share of pros and cons. Hence, it is important for you to go through them and understand them prior to finalizing your decision.

Pros and Cons of Buying Your Own Car

Buying your own car has lots of perks. First and foremost, you have complete ownership of that car that allows you to make any changes to it according to your style and taste. You can change its color, alter its interior, add a sound system to it and do anything you want. This liberty isn’t provided to you when you opt for a Lease Takeover in Quebec.

Moreover, you don’t have any limitation on the mileage of that car. You can drive it as much as you want. On the other hand, most car leasing companies have a restriction on the mileage that prohibits you to drive the car after that limit is reached. On driving more than that limit, you are charged with a fine. Third, the price of a car is almost equivalent to the total monthly lease installments, which is why most people prefer buying their own car. You will pay the same amount when you get a Lease Takeover in Canada, but the car won’t be yours.

However, there are some disadvantages of buying your own car as well. First, you have to bear the depreciation cost of your car and won’t get a good price for it after a few years. Second, it is often tough for you to put together a huge sum of money for buying a car and if you apply for a loan from a bank r a financial institution, you need to have a good credit history.

Now, take a look at the pros and cons of getting a car on lease

Pros and Cons of Leasing a Car

The very first benefit of leasing a car is that you can easily find an affordable car leasing contract even if you have a poor credit rating. If you are self-employed and are able to earn around $500–1000 per month, you can easily get a car on lease.

Secondly, it is easier for most people to pay small monthly lease installments that paying a large amount of money at once for buying their own car. Moreover, a lease contract expires after a specific time period allowing you to get another car. This is suitable for you if you like using new cars after every 2–3 years and don’t want to tie your money to one car by buying it.

However, there are lots of cons of getting a lease takeover in Quebec. First and foremost, you will be charged with a penalty in case you breech the contract before it expires. Secondly, you have to pay an additional amount of money in case you exceed the mileage limit, customize the car or get it damaged.

Now that you have some basic understanding of the advantages and disadvantages of both the options, you can easily make a better decision.