Buying vs. Leasing A Vehicle In Whitehorse, Yukon Territory
Are you deciding between financing vs leasing your next vehicle? Here at Metro Chrysler, we can help you decide if leasing or buying will best fit your needs. Leasers get an excellent, technology-packed car every couple of years, while buyers have the advantage of owning their vehicle. Before applying for credit on a vehicle, here are a few things to consider when buying vs. leasing a car in Whitehorse, Yukon Territory.
The Advantages of Leasing or buying a Car
Leasing a vehicle is ideal if you're an auto enthusiast who wants the newest tech and best performance specs every few years. In the short term, this is the cheaper option. You won't end up getting sacked with repairs as the vehicle ages, and you get a lot of commitment flexibility. You can hand back the keys at the end of term and walk away, keep the vehicle, or select a newer model. You have plenty of options available.
There are also some alternatives to the standard lease. Some automakers are finding innovative ways to attract customers. For example, some manufacturers will offer short-term leases but upgrade after the first year is over. This buys you time to decide what you want your long-term ownership life to be like.
Those who want to make the long-term commitment right away will prefer to finance a new vehicle. Large down payments make your monthly instalments significantly smaller. If you have money already set aside, this can help you get a shorter financing period with a lower interest rate.
Using an auto loan can help you build your credit history. If you know you can make the monthly payments on time every time, then your credit score should strengthen. Once the loan is all paid off, the vehicle is entirely in your name, and you can drive it as long as you'd like and sell it when you feel ready.