What are the benefits of each?
Buy
- Less worry about your car’s condition
- No limit on mileage
- Full ownership of your vehicle
- Factory warranty to cover major repairs
Lease
- Payments are usually lower, compared to a purchase
- Opportunity to drive a new car every two to three years
- Factory warranty to cover major repairs
How much do I pay?
Buy
When you finance your vehicle purchase, your monthly payments will be determined by the vehicle price, amount of your down payment and trade-in value, interest rate, and length of term.Lease
When you lease a vehicle, you’re only paying for the portion of the vehicle you use over the course of the lease. A lower down payment, or none at all, may also be possible.
How long does my finance contract last?
Buy
Usually 36 to 84 months.Lease
Usually 24 to 48 months.
How many kilometers can I drive my vehicle?
Buy
There are no restrictions. However, more kilometers driven tends to lower resale or trade-in value.Lease
You determine the amount of kilometers you plan to drive during the lease term before you sign the contract. You may buy additional miles up front. Between 20,000 and 24,000 kilometers per year is typical. You may incur charges on any excess mileage.
Can I Customize my Vehicle?
Buy
Add accessories to your vehicle at any time.Lease
Customize your vehicle only when your lease begins with approved accessories.
What happens at the end of my finance contract?