Renting Versus Buying a Car

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Getting around in Canada, especially in Nova Scotia, is not easy without a car. Even in places where public transportation is excellent, traveling without a car can be a struggle during the harsh winters. But thanks to cheap car rental companies, not everyone has to buy a vehicle. For a small monthly sum, you can rent a car for a stipulated period. And at the end of the rental period, switch the old model for a new or updated version.

But does renting make financial sense? Does it make sense to own one? What are the advantages of renting versus buying a car? Read on to find out which method makes sense for your situation.

Renting a Car

If you like driving the latest models, renting allows you to change vehicles, including vehicles that have just been launched. By renting, you can test-drive various vehicles for a reasonable amount of money. You can also change cars whenever your needs change. For example, you can rent a large vehicle for your family's weekend getaway or picking two-seaters when it's just you and your partner. Rental service companies often team up with car dealerships to make select models available, and many rental companies renew their fleet regularly. Rental companies also maintain their vehicles in pristine condition, and the cars must be serviced routinely and checked for air levels, tire condition, oil levels, and other necessary upkeep. Most rental companies offer 24/7 free road assistance.

But renting isn't always feasible. For infrequent travel, you can always hire a taxi or take public transportation. Renting a car can be expensive in the long run, especially for those living in isolated areas and need to travel to and from work daily. Rental payments have to be made using a credit card, so people who are new to Canada and those without access to credit cards may have to look for alternate arrangements. Rental companies often put restrictions in terms of mileage and other usages. You will not be allowed beyond a specific speed limit or during certain times of the day.

Buying a Car

The sheer pleasure of owning a car is incomparable. For many people, it is one of their first major purchases. When the rental company's policies don't restrict you, traveling becomes easier and more fun! Not all rental companies offer access to the latest models. Usually, you have to make do with what's available with the rental company. Even those that rent the latest cars do so for a premium. While rental companies offer free repair and maintenance, this is usually covered in your monthly rental.

When you buy a vehicle, you put more money down at once, but you own the car at the end of the process. If you travel great distances or want a specific model, buying may be a better option for you.

You don't have to own a new car. Several Nova Scotia auto finance options allow you to buy a new or used vehicle, irrespective of your credit score. To get an auto loan in Nova Scotia, all you have to do is fill out our online contact form and drive away your dream vehicle in less than four hours!

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