Buy or lease a new vehicle? It’s that age-old question that boils down to whether you want a new car every four years. Let’s be clear: nothing is better financially than buying with cash. Unfortunately, not everyone has the means to do that. Payments are lower for the same vehicle when you lease versus when you buy, since you are not financing the entire purchase but only the portion that corresponds to the lease period. That said, leases limit the number of kilometres per year and can get very expensive if you go over this limit. When you buy a car, you can resell it later on and recoup some of its value, which could help pay for your next car or lower your payments.
For more information, read the « Making a smart first purchase » guide.
