Leasing or financing: which is better for you?
When you’re thinking about financing or leasing, consider your current circumstances and future plans. For customers who 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.
If you are looking at leasing, here are some key considerations:
If you like driving a new car with the latest features, leasing is ideal. It's 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. Key considerations include:
- No stress of depreciated value as the years pass
- Be sure to maintain your lease 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.
What to consider with financing
Most new owners finance a car. And it’s the right option for drivers who want the freedom to drive any number of kilometers a year. You should finance if you:
- Can manage repair costs after your vehicle’s warranty has expired
- Want to own the vehicle eventually
- Need to add accessories, such as a roof rack or tow hook
- Are fine with value depreciation over time.
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