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                                                         Reflective Discussion Questions 

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                                                         Reflective Discussion Questions 

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Attached to this section is a word document containing the answers to the discussion questions asked in the assignment page.

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Money Matters Assignment 2 Discussion Questions

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Canada AM: Automotive Leasing vs. Buying - CTV News

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Canada AM: Automotive Leasing vs. Buying - CTV News

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http://www.ctvnews.ca/video?clipId=848345
This video does an excellent job of breaking down buying versus leasing and comparing that to what your individual proprieties are. If you are looking for a newer car, to drive short distances and have a guaranteed warranty then leasing may be what’s for you. Compared to someone who will own the car for 10 years or more, log many miles as well as own the car at the end of your month payments. That sounds like more of a finance type scenario. Another important point brought up is that with a lease you will not have to make a large down payment like you would with a finance purchase. It also talks about negotiating your contract for a lease.

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What is the Best Deal - Leasing a Car or Buying it? - The Globe and Mail

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What is the Best Deal - Leasing a Car or Buying it? - The Globe and Mail

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http://www.theglobeandmail.com/life/life-video/video-ctv-vancouver-leasing-cars-vs-buying-them/article24507069/
When making a decision on how to go about paying for a car, there are many factors to be taken into consideration. This Globe and Mail video does a great job of describing the advantages to both leasing and financing a vehicle quite effectively, through pricing and extra costs. The video shows a perspective of both somebody who is looking to lease as well as finance a car over time. The video also discusses real world numbers on satisfaction from real people who have leased or bought cars. These stats could really help someone who is struggling to decide.

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                                                                                                                                                                                                     Valuable Videos

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                                                                                                                                                                                                     Valuable Videos

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                                                                                                                         Interesting Images

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                                                                                                                         Interesting Images

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This is a picture of an old beat up car. It is a little extreme, but I chose to include this to show that when cars get old, they get damaged and tend to break. Cars like the Aston Martin shown in another section here are a special example, it has been stored and most likely rarely driven. The average person is going to drive their car a lot, and when you get around the 10 year mark it will most likely start to show its age. If you lease you can avoid the repair costs, or the cost of buying another car all together. If you own a car, eventually you are going to have to pay to fix it, or for a new one again. Link to Photo: https://en.wikipedia.org/wiki/Decrepit_car

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                                                                     Helpful Websites

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                                                                     Helpful Websites

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Lease vs. Finance Calculator - Government of Canada

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Lease vs. Finance Calculator - Government of Canada

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https://www.ic.gc.ca/app/scr/oca-bc/ssc/vehicle.html?lang=eng
This is a link to an great tool that the Canadian Government has created to help people see what the lease vs. finance costs will be of a specific car. The part I really liked is that they have a buyout calculator, meaning you will know how much it would cost you should you decide you want to keep the car after a lease. This means you could decide to lease, knowing you will be able to afford to buy the car after the lease period if you liked it. The calculator even includes taxes, something I have not seen many other calculation tools do.

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If you can afford to buy a higher end car, buying may be the right choice for you purely from an investment point of view. The common consensus on cars is that they depreciate in value, and for most cars this is true, but there are many exceptions. This is a 1963 Aston Martin DB5, it cost 4,175 British pounds when new, and is now worth anywhere from 500,000 to 1.5 million pounds, depending on the car. If you can buy the right car, it may be a much better idea to buy rather than lease. Link to photo: http://www.topspeed.com/cars/aston-martin/1963-1967-aston-martin-db5-ar156521/picture508321.html

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http://www.autotrader.ca/newsfeatures/20150324/shopping-guide-leasing-vs-financing/#CJaBeABRoM2xJcyT.97
This is a great article on the pros and cons of leasing and financing a car. It brings up two very good points I had not previously thought of, contract breaking penalties, and vehicle reliability. If you finance a vehicle there is a very good chance you will have to pay a penalty to get out of the lease early, this means that if you circumstances change and you can no longer have the vehicle, you may be stuck with a big bill. The other thing is reliability. If you are buying an easy to maintain, reliable car, your maintenance cost will likely be low; however, if you are buying a car which is not very reliable, it may be better to lease so it is always in warranty, and you get a new one every few years. This will avoid large repair costs.

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Here you can see a picture of a heavily modified BMW E46 M3. It has widened fenders, new paint, new wheels, and several other modifications. Some may think it looks good, and others may prefer something different; however, the point is that with owning your car you have the freedom to do something like this, and with leasing you cannot. A leased car must be returned the way it was when you got it. Link to photo: https://www.pinterest.com/pin/40884309087791337/

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Leasing vs. Buying: What is Best For You? - Canada drives

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Leasing vs. Buying: What is Best For You? - Canada drives

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https://www.youtube.com/watch?v=JGOLgj9dvqs
This short video does an excellent job in pointing out the pros and cons of both leasing and owning. It highlights the fact that with buying you may pay more monthly, but have the freedom to do what you please with your car, and your monthly payments will come to an end. On the other side it shows that leasing payments may be cheaper, but they will never end; however, if you are someone who likes a new car every few years this would be the better route, you will save money. One very interesting thing it pointed out that I had not thought of was the fact that you can easily write off a leased vehicle in business expenses if you use it for work.

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Price of buying vs. leasing Ford Canada Build and Price

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Price of buying vs. leasing Ford Canada Build and Price

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http://shop.ford.ca/build/mustang/?gnav=header-cars#/config/Config%5B%7CFord%7CMustang%7C2017%7C1%7C1.%7C300A.P8C..J7...COU.67G.REC.MTG.RET.GT.LESS.891.%5D

In this link you will find the build and price tool for a brand new ford mustang with some personal touches done. The important part is in the price section. In order to see the lease vs finance price click on the bi weekly price beside the calculator at the top right just above the car. This is the tool which will calculate your payments on either a lease, or a finance to own. In this we can see that the bi weekly lease payments are approximately $23 less than the finance price. Over the 4 year lease term that will save you a total of $2392. That does add up to quite a bit of savings; however, with the lease you are limited to 16000 km per year, and at the end of the lease term you must either pay the rest of the value on the car or give it back with out receiving any sale money. In my personal opinion the extra $2400 is worth it, considering you can do whatever you want with the car and will most likely make that back when you sell it; you will get nothing back with a lease.