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By: Madison Bayard & Sarah Platanitis

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On this wall, you can expect to learn the difference between buying a vehicle and leasing a vehicle. We have included some helpful tools to aid in your decision of which choice is best for you. Below you can find the pros and cons of each, a financing and leasing calculator as well as some informative videos and pictures.

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https://globalnews.ca/news/2513762/when-to-buy-or-lease-your-next-new-car/
This website shares the pros and cons of buying and leasing vehicles. It shares others experiences and why some might choose one over the other. For example, if you are always driving and putting kilometres on your car leasing might not be for you as with leasing a car there is usually a kilometre limit. But if always driving a new car and trading it in for a new one every couple years is important to you then leasing might be the better option.

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https://www.youtube.com/watch?v=sKg7tr1H7dU
This video goes through what the differences between buying and leasing a vehicle. It gives sample calculations and payments of each to give you an understanding of how it works. After watching this video you will know what to expect and how the numbers work when going to lease or finance a vehicle. This video informs you about factors to consider before signing a lease agreement, and lease traps to be aware of.

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Picture #1 Knowing the Difference between Leasing and Buying

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Picture #1 Knowing the Difference between Leasing and Buying

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https://www.oklahomacentral.org/?Cabinet=Main&Drawer=Financial+Wellness&Folder=Financial+Education&SubFolder=Leasing+vs.+Buying+a+Car
Understanding the differences between what leasing and buying have to offer is very important before making your decision. It is important to know that even though the vehicles are the same in the end the methods to pay are very different like mentioned below. Video one above does a great job at explaining the differences.

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Website #2 Vehicle Lease or Buy Calculator

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Website #2 Vehicle Lease or Buy Calculator

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https://ic.gc.ca/app/scr/oca-bc/ssc/vehicle.html
This website is a calculator that can be used to calculate the costs to finance, lease and buyout a car over a period of time. It is a useful tool if you're stuck on whether you should lease or finance. By using this calculator you can enter all of the information such as down payment, interest rates, period etc. You can compare the payment options to help decide which option is best for you.

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http://www.gm.ca/gm/english/services/financial/leasing/overview
This video gives a good explanation about what leasing is about to see if it is right for you. It looks at everything leasing has to offer such as only paying taxes on your monthly payments, no obligations for trading in a vehicle and being able drive/afford a more luxurious vehicle than if you were to finance. After leasing the vehicle if you enjoyed it you have the option to buy it but still get to keep the value you have already put towards it.

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https://www.moneyunder30.com/how-to-finance-a-car-the-smart-way
This is an example of an advertisement for financing a vehicle. It advertises the important key numbers to consider when financing including the interest, down payment, and term. Using the calculator above in website two you can enter those numbers along with the other ones you get at the dealer to see how much your monthly payments would be to finance.

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Website #3 Using Money Sense when Buying/Leasing a Vehicle

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Website #3 Using Money Sense when Buying/Leasing a Vehicle

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http://www.moneysense.ca/spend/shopping/auto/should-you-buy-or-lease-a-new-car/
This website is very useful for helping the reader to decide whether to buy or lease a vehicle. This website is helpful because it goes over the important and often overlooked fact of the future implications of buying or leasing a vehicle. It also covers how these implications can affect ones life and how these choices will either benefit or potentially damage your finances. This website is perfect for providing information on analyzing different factors when buying/leasing a vehicle such as the amount of driving, future intentions with the vehicle, rewards programs and down payments.

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https://www.youtube.com/watch?v=Tl99FCbaENo
This video goes over the different opinions of different consumers when it comes to paying off a loan for a vehicle. This video touches on the options of making a down payment when purchasing a vehicle and putting payments towards a loan, as well as the pros and cons of each option. This video relates to the argument of money sense when buying/leasing a vehicle because it shows how four different consumers decide to spend their money and which is the smarter option. If you took out a loan to pay for your vehicle it is important to know how you are going to pay it off so you don't run into any troubles later on.

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https://myalternatelife.com/wp-content/uploads/2014/07/Budget-Pie-Chart.jpg
This picture is a good representation of the basic categories in which the typical person spends money on. This picture goes to show how much of a persons income has to go to their other basic living needs. Buying vs leasing a vehicle can impact the amount of money that the individual has to pay at a given point in their life. For example, leasing monthly payments are usually less expensive than financing monthly payments. Depending on where you are at financially this could impact your decision. It relates to the future financial planning process with regards to either having equity in the car and therefore being able to sell and profit or leasing a vehicle and being able to trade in depending on the financial intentions.