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By: Sarah Wood 100665239

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Picture of step by step process of costs deducted for tax purposes these steps include toll charges, parking, car insurance, repair, and fuel costs. All of these steps are things you can use to get income from your tax return. This only applies if the car is being used for business purposes and purchasing of a vehicle. If you decide to buy a vehicle from the company then that too counts as leasing and you too have lease rules to follow so I thought I would include this to show some of the process for just business entitlements.

Picture #4 http://madanca.com/blog/is-it-better-to-lease-or-buy-a-car-for-a-business-in-canada/

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“2017 Ford F-150 starting around 570 CAD/month tax. IncX36 months.” For a 3-year contract.

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“2017 Ford F-150 starting around 570 CAD/month tax. IncX36 months.” For a 3-year contract.

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I choose this as an example of what most car dealers would offer you for the newest vehicle to compare how trucks a new more expensive than cars usually. Most people want a huge truck so I also decided to include a picture for sale of popularity.

Picture #3
https://www.leasecosts.ca/en/articles/best-trucks-canada-2017-top-models-offers

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Happy Canada day car. Unknown model car with Canadian flag plastered on the car as a decorative celebration for Canada’s birthday. It also appears to have a number on the side painted on the door. Maybe this car is a racing car Just thought I would showcase it as a way of saying if you own your own vehicle you can customize the car into any crazy look you want.

Picture #2 http://www.cardriven.ca/tag/canada/

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This depicts how the economy favors buying over leasing. Generally, Canadians buy over leasing in comparison you could say the scale tips back and forth for leasing be cheaper. If you think about it buying versus leasing in advantages. Leasing comes with disadvantages and how you need to pay with more payment s for other things for the car you might even not be using.

Picture #1  http://madanca.com/blog/is-it-better-to-lease-or-buy-a-car-for-a-business-in-canada/

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Leasing Vs Buying: What is best for you?

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Leasing Vs Buying: What is best for you?

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This video is just little brief pros and cons of buying and leasing. according to the company's dealership. This is more of a commercial for their newer models of cars. It does give very good idea of what dealers and sellers of cars are going for so you too can understand their point of view so you can make a informed decision.
It does bring up some important points in that the amount that you pay for leasing is just the value between purchase price and residual price after depreciation. I find this to be lacking information but gives you a good start on information searching though.

Video #3
https://www.youtube.com/watch?v=JGOLgj9dvqs&t=9s

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

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By: TruMark Financial Credit Union

This Cute video Teaches kids and even adults how buying and leasing can have an affect on the overall pricing of vechiles. The  ginger haired girl asks to buy a spaceship and to lease it. The other woman however describes that might not be the best idea and gives her pointers on how each choice can mean that your paymnet period is streched over a long period of time. When buying though you pay the some what the same amount except at the end you can own it.
This is just one of the examples the characters explain. I find this to be very entertaining and a good source for kids and adults alike to have a fun spin on a boring topic.

Video #2
https://www.youtube.com/watch?v=wW3k_FQO57k&feature=youtu.be

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Here you will learn the pros and cons of buying vs leasing.

I have 3 sites that give helpful tips on buying and leasing
I also have 3 videos that simplify the whole process when buying and leasing cars.
Lastly There is 4 pictures that are examples of just some things you can do when either buying or leasing vehicles.

Below are all my sources go down from this Introduction and go right to the very end.

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This YouTube video covers buying and leasing an automobile and gives insight as to the cost and issues when leasing cars.
It also talks about how when leasing you are faced with different challenges. It does however speak of the positive traits of both aspect of either buying or leasing a vehicle.
The end result is you choose which option is better for you.

Some examples include that if you lease a car the vehicle has more insurance then if you bought it. Since you have to return the vehicle to the lender.
This is just one of the examples of the difference between leasing and buying.
Video #1
https://www.youtube.com/watch?v=sKg7tr1H7dU&t=21s Non canadain site but it is an educational source.

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Although this site is paritally basiaed that doesn't mean there isn't any good information.
This site mostly talks about leasing and the pros and cons of leasing but it does briefly touch upon buying. Though the buying aspect is more of
if you used a lender for a loan for the car.

Some of the information on this site said that if you choose to use a lender you must pay them off first and then you can own the car but they own the car until you pay them.

On the other hand it says with leasing although a complicated process you can drive the car and pay baack with stead paymnets  throughout the agreement until the end of the lease. Once the lease is finished however you can buy the car for far cheeaper than when buying it in one go.
This some of the information this site offers.

Website #3
https://www.debtcanada.ca/library/archive/16-credit-information/105-vehicle-leasing-vs-loaning

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Vehicle leases have become very popular over the last 10 years due to the increased cost of vehicles and the fact that more and more consumers are self-employed - even used cars are being leased. A lease allows you to drive a better vehicle for considerably less money per month than if you tried to purchase it outright. While it may make sense for the business owner to lease their vehicle - (as a lease can be used as a write off in the business) it may not make sense for other consumers.
What is a lease?
A lease is a financial arrangement to pay for the use of a vehicle over a specific period of time. A leased vehicle is not the same as a rental vehicle - so do not confuse the two. When you lease you pay for the part of the vehicle that you will use - which translates money wise, into the amount the vehicle will have depreciated by the time you turn it back in.

Whether you buy or lease, you pay for the depreciation. A vehicle does not know how it is being financed - it will depreciate by the same amount regardless of how you pay for it. Therefore, depreciation is the most important factor in determining lease rates. So research the resale value of the vehicle that you intend to lease. The less the vehicle is expected to depreciate, the better the lease deal is for you.
The Pros and Cons
There are pros and cons to vehicle leases as in all contractual agreements. Remember read the fine print before signing any contract.

Pro: Lease monthly payments are usually less than finance monthly payments - have the sales person "crunch" the numbers on the lease and purchase of the vehicle (be sure to include the same down payment, interest rate, term, etc). Compare before you decide.

Con: People tend to lease "more" car than they may need just because of the perceived reduced monthly payment - without realizing that the more expensive the vehicle, the more expensive the repairs and the maintenance.

Pro: When you lease vehicles, you can change vehicles every 2, 3 or 4 years without worrying about the trade-in value of the car and without entering into the usual negotiations and possible disagreement over the value of your used car.

Con: Continuous vehicle leasing means the consumer will have a monthly vehicle payment forever.

Pro: When you lease new cars, you are always driving a relatively new, reliable, repair-free, and current style vehicle that is usually under warranty for the term.

Con: Lessees are subject to kilometre restrictions and loosely defined "wear and tear'' conditions that could be costly at the expiry of the lease agreement.

Pro: Most accountants agree that people and businesses should purchase assets that appreciate and lease assets that depreciate. Vehicles most definitely depreciate over time.

Con: Most vehicles are built well today so that in many cases lessees may want to exercise the buy-back however, the buy-back amount may be too high and the lessee is compelled to give the vehicle back and continue leasing.

Buying versus leasing is no simple matter. So here are the simple goods
When you buy, you pay a price based on the total value of your vehicle less your down payment. But when you lease, you pay for only the part of the vehicle that you use - in other words the value of the car when the lease begins minus a residual value when the lease ends. Because you essentially pay only for what you use the monthly payments are lower than they would be if you purchased the vehicle outright. So, the theory is that you can have a better-equipped leased vehicle for a lower monthly payment than if you purchased and financed the vehicle.

At the end of a "closed" lease - (one without an option to buy) - you have nothing, no equity and no car. So if you intend to keep you car for a long time - five years or more - buying is probably a better financial move. If you want to drive a newer vehicle and like most of us have limited funds - leasing may be a good option for you -

Remember if you are in doubt speak to a credit counsellor to be sure you have all the facts before you sign on the dotted line.

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Vehicle leases have become very popular over the last 10 years due to the increased cost of vehicles and the fact that more and more consumers are self-employed - even used cars are being leased. A lease allows you to drive a better vehicle for considerably less money per month than if you tried to purchase it outright.

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Some factors to consider when leasing or buying a car

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Some factors to consider when leasing or buying a car

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This website comes with some videos from globalnews but it is Canadian in that they compare the marketing in Canada. They go over traps and tricks to get the best deals and to look out for times when the dealers are being dishonest.

"Come earlier to the dealer ship, Buy cars at the end of the month and don't buy around spring time as the deals are more pricer." Said one of the experts in the marketplace for cars.

These are just some of the tips they briefly go over but they are very useful for if you want to save some money in the car market.

Website#2 https://globalnews.ca/news/3395054/3-numbers-you-should-check-before-deciding-whether-to-lease-or-buy-a-car/

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It's finally spring - the time when birds start chirping, ice melts off streets, and many Canadians begin to feel the irresistible urge to get a new car.

So here's the eternal question: Does it make sense to lease your vehicle instead of buying it?

From a financial point of view, there's a quick and easy answer: Buy.
WATCH: New cars: buy or lease?
The best approach from a financial perspective is to purchase a slightly used vehicle, said Jason Heath, a certified financial planner and managing director at Objective Financial Partners.

"The sweet spot is a car that's one to two years old," he added.

That's because cars depreciate quickly in their first few years off the lot, but the depreciation curve tends to flatten out after that.

WATCH: Five tips you need to know when buying a used car

Buy a relatively new used car and you can save a bundle compared to purchasing a new model of the same make and also sell the car for close to what you paid for it a few years later, should you wish to, according to blogger and car enthusiast Freddy "Tavarish" Hernandez.

But what if you really like new cars?

Buying is still the better way to go in most cases, according to Heath.
WATCH: How to save money when buying a car

Still, as far as financial sins go, leasing instead of buying your vehicle generally falls in the category of small indulgences for Heath. It's in there with things like having a steak dinner: There are cheaper, financially wiser options, but it's unlikely you'll go bankrupt for it. Plus, sometimes you gotta live.

So how do you weigh the lifestyle pros against the financial cons of leasing?
READ MORE: Why this is going to be the most expensive year for gasoline since 2014
There are three sets of numbers you should consider carefully before you put your John Hancock on a car lease:

The equity you give up by opting for lower lease payments

Besides the fact that you can get a brand new ride every few years, what makes leasing so attractive is that your monthly payments are usually much lower than if you were buying the same vehicle.

That's because when you lease you're only paying for the amount that the car will depreciate for the duration of the term of the lease.

Say, for example, that you're leasing a $30,000 car for three years. Assuming the vehicle's residual value at the end of the term is $17,000 and your interest rate is 1.9 per cent with no down payment, you're looking at about $450 in monthly payments. If you were to buy that car and pay it off in three years with zero per cent financing, you'd be looking at a whopping $940 per month in Ontario (including HST), according to the vehicle calculator provided by the Office of Consumer Affairs.

At the end of the lease, though, you're left with nothing. If you had bought the car, you'd have a vehicle you could sell for $17,000 or keep driving for, say, another seven years at least, with little more than maintenance costs to worry about.
READ MORE: Considering a long-term car loan? Think twice, say experts
Your yearly mileage

There's another set of calculations you should do before opting for a lease, said Heath: Figure out how many kilometres you're likely to drive in a year.

The lease rate you'll be quoted is generally based on a fairly low mileage and going over it will cost you, noted Heath.

Twenty-five thousand kilometres per year is a common limit in Canada. But Heath said he easily drives over 30,000 kilometres a year, even though he often works from home.

Even a short commute could push you above your mileage cap.

You should also be careful about getting dinged for little repairs at the end of the lease, said Heath.

"Car companies are usually pretty particular about these things," he noted.
READ MORE: Digital odometer tampering 'being done more often than not': expert
Your tax deductions (if you're self-employed)

One common misunderstanding is that leasing is a better deal than buying, if you're self-employed and can claim vehicle expenses on your tax return, noted Heath.

Leasing could yield better tax deductions than owning, but only if your vehicle is rather expensive - say more than $40,000 - cautioned Heath.

"There are maximum amounts you can depreciate on the purchase of a car and the amounts that you can deduct if it is leased is often more favourable with a more expensive car," said Heath.

For those with average budgets, though, "it probably won't make a huge difference whether you buy or lease," he added.
READ MORE: Self-employed? Here are 6 steps to get your taxes right

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3 numbers you should check before deciding whether to lease or buy a car

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It's finally spring - the time when birds start chirping, ice melts off streets, and many Canadians begin to feel the irresistible urge to get a new car. So here's the eternal question: Does it make sense to lease your vehicle instead of buying it?

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Commuters Statistics and when to buy or lease a car.

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Commuters Statistics and when to buy or lease a car.

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This Website supports actual facts and statistics of people in Canada. The stats cover  which city has the most commuters who drive to work on a average basis how much Canadians use their cars. It also covers the pros and cons of own vehicles and leasing them as well. Some of the Information is how much on an average is a car worth during the 2014. Although the info might be behind by 4 years , I still feel it's still plausible. This can be applied to the future with buying cars or any other vehicle. I included it as a good example of how the economy has drastically changes and how certain factors play a key role in the price of the car.

This just an example in the article keep in mind this was around 2014 though.

“In 2014 of a new car in Canada was $33,000.” “The money loan payments on average was $570.”

“The average monthly lease payment was $490.”

Website #1 https://www.thinkinsure.ca/insurance-help-centre/lease-vs-buy-a-car-best-choice.html

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Lease Vs Buy A Car Guide, Should You Lease Or Finance?

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Should you Lease or Buy your next new car? Read our helpful guide for the pros & cons leasing & financing to help you decide what is the best choice for you.