Lease or Finance?
Is it better to lease a new vehicle or finance one? While leasing could be the best option for one person, it might not be for another. To see which option is right for you, ask yourself the following questions below.
a) Do you prefer to have a new vehicle every 2-4 years?
b) Do you prefer to keep your vehicle longer?
a) Do you typically drive less than 24,000 kilometers in a year?
b) Do you typically drive more than 24,000 kilometers in a year?
a) Do you like to maintain your vehicle's original features and condition?
b) Do you like to modify and/or customize your vehicle?
a) Does your business situation provide for tax advantages if you lease?
b) You do not quality for tax advantages from a leased vehicle.
a) Do you prefer driving a vehicle which is always covered by the manufacturer's warranty?
b) You are prepared to own your vehicle after its warranty period expires.
a) You would prefer a lower monthly payment, even if there are some up-front costs due on signing.
b) You would prefer a monthly payment which includes the vehicle cost and all the fees. You do not wish to make any down-payment.
a) You typically trade your vehicle in every few years, even if the vehicle loan has not been paid off yet.
b) You look forward to keeping your vehicle after it is paid for. You look forward to having no monthly payments.
If you answered:
MOSTLY As - Leasing is likely the best option for you!
MOSTLY Bs - Financing is likely the best option for you!
If you still have questions about leasing or financing, please contact our Financial Services manager at 905-847-1511.
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