Finance vs. lease:
the pros & cons
What are your goals? Identifying your priorities in life and your financial goals will help you decide which is right for you: financing or leasing.
Our experienced team of finance experts is here to help you find the perfect option that fits your budget and lifestyle.
Pros of buying
- You own the vehicle
- You get to drive as many kilometers as you want each year
- When you’ve paid off finance, you’re free of loan payments and you can build equity in the vehicle
- You are free to add accessories, such as a cargo carrier, window deflectors, or running boards.
Cons of buying
- Your car will depreciate over time
- You pay for repairs when the warranty expires
- As your car gets older, the repair costs can be high
- You need to sell or trade-in when it is time to sell or trade it in
Pros of leasing
- Sometimes leasing can mean lower payments than financing
- You'll be driving a new car every two or three years and experience all the latest features
- If you want to move or travelling at the end of a lease you won’t have a car to sell
- You don't own a vehicle that depreciates over time.
Cons of leasing
- Keep the vehicle maintained and in good condition to avoid extra changes at the end of the lease
- A limit on the annual number of kilometers you can drive
- If you always lease, monthly payments never end
- If you can’t afford to keep the vehicle, you could face expensive penalties.
A few things influence your monthly lease payments, including:
- Lease charges
- The value of the vehicle
- Any down payment you make
- Interest rates
- Taxes and fees
- The anticipated depreciation of the vehicle
Both financing and leasing have their benefits. Whatever option you choose, our professional finance managers will go through all the details and answer any questions regarding warranties and other financing options to protect your investment. We look forward to meeting with you soon to discuss your needs and options!