Finance vs. lease:
which is better?
When you’re thinking about financing or leasing, consider your circumstances and future plans. If you love driving a new car with the latest features, leasing is ideal. It also is a good option if you’re moving away in a few years. But leasing does put a limit on the number of kilometers you can drive each year.
Financing is a good option is you want to eventually own your vehicle and have no limits on how far you can drive. But you will have to cover costs once the warranty is over. Here's a look at pros and cons.
- No worries about a car depreciating as the years pass
- Be sure to maintain your lease car with regular servicing
- Additional fees may be due if you can’t keep up the lease payments
- You’re comfortable with always having monthly payments if you lease instead of buy.
- Can manage repair costs after your vehicle’s warranty has expires
- Want to own the vehicle eventually
- Want to add accessories, such as a roof rack or tow hook
- You're OK with value depreciation overtime.
This are some of the factors that include your monthly lease payments:
- Lease charges
- Vehicle value
- A down payment, if you make one
- Interest rates
- Fees and applicable taxes
- Depreciation of the car, SUV, or truck over time.
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!