Leasing a New Vehicle vs. Buying Out Your Lease: Why Leasing Wins
When a car lease ends, many drivers face a critical decision: should they buy out their leased vehicle or lease a new one? While buying out a lease has its merits, leasing a new car often presents greater benefits, particularly for those who prioritize affordability, flexibility, and access to the latest vehicle technology.
This guide explores why leasing a new vehicle often edges out buying your leased car, covering financial, practical, and lifestyle considerations.
1. Access to the Latest Technology and Features
When you lease a new vehicle, you gain access to cutting-edge technology, safety systems, and design enhancements.
Advanced Safety Features: Modern cars are equipped with lane-keeping assist, adaptive cruise control, 360-degree cameras, and other features that may not have been available in your leased vehicle.
Infotainment Systems: Newer cars come with upgraded touchscreen displays, smartphone integration, and enhanced navigation tools.
Fuel Efficiency and Electrification: Leasing a new car allows you to explore more fuel efficient or fully electric models, which can reduce fuel costs and environmental impact.
Why It Matters: The automotive industry evolves rapidly. Leasing ensures youre driving a car thats optimized for convenience, performance, and safety.
2. Lower Maintenance and Repair Costs
Leasing a new car comes with the advantage of driving a vehicle thats under warranty. This significantly reduces out-of-pocket maintenance and repair costs compared to buying out a lease.
Older Cars, Higher Costs: A leased vehicle that you buy out may soon require new tires, brakes, or other major maintenance items.
Warranty Coverage: New leases are covered by the manufacturer warranty with options to extend coverage on higher kilometer or longer term leases.
Why It Matters: Leasing a new vehicle lets you avoid the potential headaches and expenses associated with aging cars.
3. Avoid Long-Term Ownership Costs
Buying out your leased vehicle means committing to long-term ownership, which often brings higher expenses over time.
Depreciation Risk: Cars lose value over time. By leasing, you avoid the hassle of selling or trading in a depreciated vehicle.
Aging Technology: As cars age, their technology becomes outdated, potentially reducing your driving enjoyment and the cars resale value.
Why It Matters: Leasing allows you to sidestep the financial and practical downsides of long-term ownership.
4. Ease and Convenience
Leasing a new vehicle often simplifies the car-buying process.
Streamlined Process: At the end of your lease, returning your current car and leasing a new one is straightforward, even if your vehicle has been in an accident - the lease return is unaffected.
Avoid Selling Hassles: When you buy out a lease, you eventually have to deal with selling or trading in the car when youre ready for a new one. If you're vehicle has been in an accident, the value is effected more to the downside leaving you in negative equity situations and lower trade in values.
Why It Matters: Leasing removes the stress of managing a long-term asset and provides a hassle-free transition to your next vehicle.
Key Scenarios: When Leasing Wins
You Love New Technology and Features: If staying ahead of the curve with the latest advancements excites you, leasing ensures youre always driving a state-of-the-art vehicle.
You Want Predictable Costs: Leasing eliminates the financial uncertainty of repairs and maintenance associated with older cars.
You Value Flexibility: Life is unpredictable, and leasing a new vehicle gives you the ability to adjust your car choice every few years.
You Drive Within Mileage Limits: If you typically stay within lease mileage caps, leasing lets you enjoy a newer car without penalties.
Final Thoughts
Leasing a new vehicle often provides a winning combination of affordability, flexibility, and access to the latest features. While buying out your lease may seem appealing if youve grown attached to your car or face mileage penalties, the long-term financial and lifestyle benefits of leasing typically outweigh the costs of ownership.
Ultimately, leasing is ideal for those who value a predictable, low-maintenance driving experience with the opportunity to upgrade every few years. By carefully evaluating your priorities and needs, you can make the choice that best aligns with your lifestyle.
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1 If the vehicle is identified as new: Figure shown reflects an estimate of the amount that you can expect to pay in Canadian dollars and is: (i) based on the Manufacturer's Suggested Retail Price (MSRP); and (ii) includes freight, PDI, levies, duties and dealer charges. Taxes are excluded (unless you select otherwise). Licence, insurance, and registration fees are also excluded. Environmental or related levies and taxes vary by jurisdiction. Actual selling price and other terms are set by the dealer. Dealer may sell for less. See below for further details.
If the vehicle is identified as a ""certified pre-owned"", ""CPO"", or used: Figure shown reflects an estimate of the amount that you can expect to pay in Canadian dollars and includes all options and/or equipment built with the vehicle, as well as dealer charges. Taxes, licence, insurance, and registration fees are excluded. Actual selling price and other terms are set by the dealer. Dealer may sell for less. See below for further details.
Photos for illustration purposes only, and may not reflect exact vehicle (including vehicle colour, trim, options, or other specifications). Some vehicles may be shown with optional equipment or equipment not available in Canada. Specifications, equipment, options and prices are subject to change without notice.
Although we endeavour to ensure that the information contained on this website is accurate, Volkswagen Canada, its dealers, and Volkswagen Financial Services are not responsible for any errors or omissions that may occur from time to time. Please contact your Volkswagen dealer for verification or if you would like more information on this vehicle. "Volkswagen," the Volkswagen logo, all model names and trimline names are registered trademarks or trademarks of Volkswagen AG, used under license.
2 This payment estimator is a tool to assist you to estimate your scheduled payments. We do not make any representation or warranties as to your actual amounts. Figures shown reflect an estimate of the amount that you can expect to pay in Canadian dollars based on: (i) entering into a lease agreement or a credit agreement (as applicable) with Volkswagen Financial Services; and (ii) the stated APR, term, number of periodic payments, and kilometre allowance (as applicable). Payment estimates do not include: (i) taxes (unless you select otherwise); or (ii) to the extent applicable, any excess wear and tear, late fees, or other similar fees or charges that may apply. Actual selling price, leasing / financing rates and other terms are set by the dealer and Volkswagen Financial Services, as applicable. Dealer may sell or lease for less. Leasing and financing is subject to credit approval by Volkswagen Financial Services. Leasing / financing rates, payments, prices, figures, options, offers, terms and other information may, subject to applicable law, be changed or cancelled at any time without notice. Lease example: Lease a 2021 Tiguan 2.0T Trendline FWD with 8-speed automatic transmission, at an MSRP of $29,795 plus $1,950 freight and PDI, $10 fee for applicable provincial Motor Vehicle Industry Council, $499 dealer fees, $20 Tire Tax and $100 a/c levy at 0.99% APR for 24 months with 104 weekly payments of $132.83. $0 down payment or equivalent trade-in, security deposit of $540 and first monthly payment are due at lease inception. Dealer charges are included. PPSA, licence, insurance, and registration charges, and applicable taxes are extra. Kilometre allowance of 16,000/year; charge of $0.15/km for excess kilometres. The total lease obligation in this example is $14,405.65 (excluding taxes and any excess wear and tear, late fees, or other similar fees or charges that may apply). Finance example: Finance a 2021 Tiguan 2.0T Trendline FWD with 8-speed automatic transmission, at an MSRPof $29,795 plus $1,950 freight and PDI, $10 fee for applicable provincial Motor Vehicle Industry Council, $499 dealer fees, $20 Tire Tax, and $100 a/c levy at 0.99% APR for 24 months with 104 weekly payments of $314.97. $0 down payment or equivalent trade-in, security deposit of $510 and first monthly payment are due at finance inception. Dealer charges are included. PPSA, licence, insurance, and registration charges, and applicable taxes are extra. The total financing obligation in this example is $32,756.88 (excluding taxes). Please contact your Volkswagen dealer for details (including actual payment information). Although we endeavour to ensure that the information contained on this website is accurate, Volkswagen Canada, its dealers, and Volkswagen Financial Services are not responsible for any errors or omissions that may occur from time to time. ?Volkswagen,? the Volkswagen logo, all model names and trimline names are registered trademarks or trademarks of Volkswagen AG, used under license.
3 Financing offers available through Volkswagen Financial Services, on approved credit, on select: (i) new and unregistered Volkswagen models; (ii) "certified pre-owned" used Volkswagen vehicles; and (iii) other used vehicles. Financing example: Finance a 2021 Tiguan 2.0T Trendline FWD with 8-speed automatic transmission, at an MSRP of $29,795 plus $1,950 freight and PDI, $10 fee for applicable provincial Motor Vehicle Industry Council, $499 dealer fees, $20 Tire Tax and $100 a/c levy at 0.99% APR for 24 months with 104 weekly payments of $314.97. $0 down payment or equivalent trade-in, security deposit of $510 and first monthly payment are due at finance inception. Dealer charges are included. PPSA, licence, insurance, and registration charges, and applicable taxes are extra.The total financing obligation in this example is $32,756.88 (excluding taxes). Dealer may sell for less. Dealer order/trade may be necessary. Financing rates, payments, prices, figures, options, offers, terms and other information may, subject to applicable law, be changed or cancelled at any time without notice. Conditions apply. Please contact your Volkswagen dealer for details.
Lease offers available through Volkswagen Financial Service, on approved credit, on select: (i) new and unregistered Volkswagen models; and (ii) ""certified pre-owned"" Volkswagen vehicles. Lease example: Lease a 2021 Tiguan 2.0T Trendline FWD with 8-speed automatic transmission, at an MSRP of $29,795 plus
$1,950 freight and PDI, $10 fee for applicable provincial Motor Vehicle Industry Council,
$499 dealer fees, $20 Tire Tax and $100 a/c levy at 0.99% APR for 24 months with 104 weekly payments of $132.83. $0 down payment or equivalent trade-in, security deposit of $540 and first monthly payment are due at lease inception. Dealer charges are included. PPSA, licence, insurance, and registration charges, and applicable taxes are extra. Kilometre allowance of 16,000/year; charge of $0.15/km for excess kilometres. The total lease obligation in this example is $14,405.65 (excluding taxes and any excess wear and tear, late fees, or other similar fees or charges that may apply). Dealer may sell or lease for less. Dealer order/trade may be necessary. Leasing rates, payments, prices, figures, options, offers, terms and other information may, subject to applicable law, be changed or cancelled at any time without notice. Conditions apply. Please contact your Volkswagen dealer for details. Although we endeavour to ensure that the information contained on this website is accurate, Volkswagen Canada, its dealers, and Volkswagen Financial Services are not responsible for any errors or omissions that may occur from time to time. "Volkswagen," the Volkswagen logo, all model names and trimline names are registered trademarks or trademarks of Volkswagen AG, used under license.
4 Dealer Administration Fee includes documentation and administration costs related to the delivery of the vehicle, such as the dealer cost involved in licensing, lien search, and contract administration.
5 Financing offers available through Volkswagen Financial Services, on approved credit, on select prepaid maintenance plans in connection with the financing of select: (i) new and unregistered Volkswagen models; (ii) "certified pre-owned" used Volkswagen vehicles; and (iii) other used vehicles. Additional terms and conditions apply. Refer to actual contract or contact a Volkswagen dealer for complete details of coverage and exclusions. Financing example: Finance a prepaid plan at an MSRP of $1,675 at 0.99% APR for 24 months with 104 weekly payments of $16.27. $0 down payment or equivalent trade-in, security deposit of $510 and first monthly payment are due at finance inception. Dealer charges are included. PPSA, licence, insurance, and registration charges, and applicable taxes are extra. The total financing obligation in this example is $1,692.08 (excluding taxes). Dealer may sell for less. Financing rates, payments, prices, figures, options, offers, terms and other information may, subject to applicable law, be changed or cancelled at any time without notice. Conditions apply. Please contact your Volkswagen dealer for details. Although we endeavour to ensure that the information contained on this website is accurate, Volkswagen Canada, its dealers, and Volkswagen Financial Services are not responsible for any errors or omissions that may occur from time to time.
6 Financing offers available through Volkswagen Financial Services, on approved credit, on select accessories in connection with the financing of new and unregistered Volkswagen models. Taxes, shipping, installation are excluded. Proper installation required. Professional installation may be recommended. See owner's literature and Volkswagen dealer for details. Financing example: Finance an accessory at an MSRP of $215 at 0.99% APR for 24 months with 104 weekly payments of $2.09. $0 down payment or equivalent trade-in, security deposit of $510 and first monthly payment are due at finance inception. Dealer charges are included. PPSA, licence, insurance, and registration charges, and applicable taxes are extra. The total financing obligation in this example is $217.06 (excluding taxes). Dealer may sell for less. Financing rates, payments, prices, figures, options, offers, terms and other information may, subject to applicable law, be changed or cancelled at any time without notice. Conditions apply. Please contact your Volkswagen dealer for details. Although we endeavour to ensure that the information contained on this website is accurate, Volkswagen Canada, its dealers, and Volkswagen Financial Services are not responsible for any errors or omissions that may occur from time to time.
7 This is the down payment that you anticipate paying in connection with the purchase of the vehicle.
13 This means the duration (in months) of your selected protection plan.
15 This means the maximum number kilometres that your selected protection plan will cover.
16 Certifed Pre-Owned Volkswagen vehicles undergo a comprehensive 112-point inspection. If something needs replacing, only genuine Volkswagen Original Parts are used. Every Volkswagen Certified Pre-Owned vehicle is covered by our Assurance Program. If the vehicle is within 5 model years or newer and less than 120,000 KMs, you can upgrade to the Premium Assurance program.
21 Depending on the province in which you live, you may be eligible to receive incentives. These include, but are not limited, to up to $4,000* from British Columbia's Go Electric BC Program (available on the ID.4 base trim only) or as much as $4,000 from Quebec's Roulez Vert program. The QC government has recently
announced that the program will be suspended as of Feb. 1, 2025. See About the Roulez vert Program for details. The Roulez Vert program also offers an additional rebate of $600 with the purchase of the Volkswagen 2-in-1 Charging Cable. If you live in BC in a single-family home, row home, or duplex, you could receive a rebate* of up to 50% of the purchase and installation costs of an eligible Level 2 EV charger, to a maximum of $350.◊◊
◊◊ Volkswagen Canada does not administer the incentives and is not responsible for any cancellations or changes to the incentive programs. Incentive information is provided for informational purposes only and Volkswagen Canada makes no representations or warranties about the actual amounts or eligibility. Information about the incentives is based on the most current information provided by the applicable government agencies, but could change in the future. The amount of the incentive, terms and conditions of the incentive, and any eligibility or application requirements vary by province. As of January 13, 2025, the federal government has paused the Zero-Emission Vehicles (iZEV) Program. See Question and answers for details. *BC's EV incentive amount is prorated based on annual income and only available to those earning <$100,000 with the full amount available to those earning <$80,000. BC's EV charger rebate has different eligibility criteria. Conditions apply. See your dealer for more details or contact the provincial or federal administrator.
Limited time finance offer available through Volkswagen Financial Services, on approved credit, based on a new and unregistered 2024 ID.4 Electric ID.4 PRO S AWD base with single-speed transmission having a starting price of $58,299.00, including $68 PPSA registration fee (including third-party registering agent fee), $2,100 freight and PDI, $100 air conditioning levy, $23 tire recycling levy, $13 OMVIC fee, and $500 representative dealer admin fee (actual fee is set by dealers and varies, up to $500), and included in weekly payment. Dealer Administration Fee includes documentation and administration costs related to the delivery of the vehicle, such as the dealer cost involved in licensing, lien search, and contract administration. Finance example: 60-month term at 0.00% APR equals a weekly payment of $225, after application of $10,000 credit. $0 down payment or equivalent trade-in due at signing. In Ontario, Volkswagen Group Canada Inc. is responsible for the tire recycling fee used to cover the cost of collecting and recycling end of life tires when returned by consumers. License, insurance, registration, options and applicable taxes are extra. Cost of borrowing is $0 for a total obligation of $58,299. Dealer may sell for less. Dealer order/trade may be necessary (but may not be available in all cases). Conditions apply. Offers end January 31, 2025 and are subject to change or cancellation without notice.
$10,000 cash bonus available to be applied as a discount off MSRP, before taxes, on cash purchase, finance or lease (through Volkswagen Financial Services, on approved credit) of new and unregistered 2024 ID.4 models
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