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Welcome to the Buying vs Leasing a vehicle Padlet

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Welcome to the Buying vs Leasing a vehicle Padlet

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Here you will find all the pro's and con's about the differences to buying and owning a vehicle, as opposed to just leasing one.

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This website analyses the difference between buying a vehicle and leasing a vehicle in today's current market and the trends of the current consumer looking for a new vehicle. Where as buying used to be the popular option more people have converted to leasing due to convenience and warranty coverage. people have also noticed that in the long run when the vehicle is paid for the value has depreciated so much its not a big resale value.

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Leasing vs. Buying a New Car - Consumer Reports

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Consumer Reports examines the basic differences between leasing and buying a new car. To start, buying involves higher monthly costs than leasing.

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In this article you will find some helpful advice on the benefits and disadvantages of buying or leasing a vehicle. They give you the Canadian breakdown on this topic. Essentially saying that you will have bill payments for both options but with the buying route there is a point where your payments stop and it now converts into an asset of value that you own. The other option is just continuous so you can get good perspective on your options.

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Buy or Lease a Vehicle? - Canadian MoneySaver

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"One benefit of leasing is that it usually means lower monthly payments, because they are based on the original price of the vehicle minus the residual value, amortized over the length of the lease," says Chawla. If you use the vehicle for business, you may also be able to deduct lease payments, subject to limits set out by the Canada Revenue Agency (CRA)."

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This website gives you a good breakdown of pros and cons to buying vs leasing. It gives an easy to read look at the options. This site gives more of an insight on the individual consumer and whats best for them taking into consideration things like credit score, vehicle uses, and monthly overall expenses. I think this is a good website for the individual consumer to reflect on and compare there own life situation too.

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Buying a car is one of the bigger purchases most people will make in their lives. So, it's a good idea to do a fair amount of research before you decide on which car, and, more importantly, which financing route you'll be taking. A common dilemma is buying vs. leasing and weighing the advantages and disadvantages can seem like a lot of work.

The decision between the two options often boils down to your situation, lifestyle, and personal needs. For example, it would depend what you'd be using the car for. If you entertain business clients, then leasing can allow you to have a luxury vehicle for less money up front. Leasing vs. buying doesn't always boil down to a simple money issue, but if you're mostly concerned about money, stacking up the pros and cons is a good way to start. Below we've done some of the work for you and compiled the most important issues that you need to take into consideration when decided between leasing or buying a car.

Pros of Leasing a Car

The possibility of lower monthly payments

If you are not in the financial position to buy a new car without financing the purchase, then, due to its lower monthly payments, leasing can be very attractive. When purchasing, financing is based on the full value of the vehicle minus your original down payment. On the other hand, leasing only charges the driver based on the difference between the original price and the price after the depreciation of the car. In the end, you're only be charged the drop in the car's value over the years you've had it.
How to Avoid Car Loan Debt, here.
Always driving a new car

For people who have a low attention span when it comes to cars, leasing is a very attractive option. Leasing can allow you to always have the newest model car with the most recent innovations in technology and features. You'll also most likely never have to deal with any maintenance headaches if you're leasing every three years. In the end, you can get more car for less money.

Cons of Leasing a Car

Higher levels of insurance

If you are constantly going to have a relatively new and higher end vehicle, you also have to take into consideration that your insurance costs will probably be quite high. It's true that you can avoid maintenance costs with a leased car, but some of these costs may be offset by having to pay a higher level of insurance.

Leasing requires good credit

If you don't have good credit, leasing may not even be an option for you. The overall costs of financing during a lease are always higher than loans because at no point do you pay off any principal. Also, most leasing companies require you to have a healthy credit score along with a stable financial situation.

Pros of Buying a Car

It is easier to budget and plan

When you buy a car through financing, you can calculate exactly how much you will be paying each month and how long it will take you to pay it off. These kinds of certainties are a real asset when staying on track with your budget and planning your future finances ( click here to learn how to cut the cost of your car).

You have equity with a bought car

Whether you own or partially own your car, it can still be used for equity depending on your circumstances. If you need to free up some cash, you can always sell your car. Also, if you want some of the perks of leasing, you can also use your vehicle as a trade-in towards a down payment for a newer vehicle.

Cons of Buying a Car

Incurring expenses from mechanical problems

Once the warranty expires on you vehicle, any mechanical issues that may arise from that point on are your responsibility. You have to anticipate that these costs will become more frequent as the car becomes older. Also, when you want to sell the car, you are responsible for the logistics involved with trading in or privately selling the vehicle.
Should you consider purchasing your next car with cash? Read this article.
Rapid depreciation

As soon as you drive a new car off the dealership lot it depreciates in value and it will only continue to depreciate. Also, variables such as accidents and just general wear and tear will depreciate the value. Lastly, with the fast introduction of new technologies to the car market, your car can see quick decreases in its resale value.

Ultimately, the decision between leasing or buying is unique to each individual. If you want to look at things more short term, and want more car for less money, then leasing may be appealing. If you are looking for the security that owning your own car offers, then buying may be more your style. Ultimately, you need to decide on a route that best complements your personal preference while at the same time your financial situation.

Interested in speaking with someone about your auto financing options?

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Leasing a Car vs. Buying a Car | Loans Canada

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Buying a car is one of the bigger purchases most people will make in their lives. So, it's a good idea to do a fair amount of research before you decide on which car, and, more importantly, which financing route you'll be taking. A common dilemma is buying vs.

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In this video Jeremy gives people for any type of situation the list of pros and cons to leasing or buying a vehicle. Its an unbiased view of the different options and what would be best for the individual consumer and there life situation. Looking into things like monthly payments, long run plans, and what you want to be driving. If anyone had the hope of customizing a vehicle he details why you have to buy the car even if it would be adding value.

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Here you can see an illustration of two vehicles and two options, buying vs leasing. We used this picture because along with the images you can see the lists of the pros and cons of each option and easily compare the two too one another. its a good quick pic into the options of buying and leasing and a good reference for anyone to quickly look over.

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In this video, Rydell focuses more on the leasing side of things. They explain more of the benefits of leasing over buying and what each one means as well as the value projections of each. He mainly prefers leasing because of the low risk maintenance and always driving a new car in its best years. This is opposed to the small benefits and higher risk of the buying option where depreciation and high risk expensive maintenance makes it a less attractive option.

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Rydell Chevrolet Buick GMC Cadillac of Grand Forks

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Car Buying 101: Buying vs. Leasing a car, which is better? -- Should I buy or lease?

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In this image you see a new car in the dealership waiting for a new owner, this is what the common consumer will see and have to decide, do I want to own this car or lease it. They need to consider there own situation as well as that specific vehicle like how long would it take to pay off and what the estimated resale value would be, and weigh that option against a short term lease and new cars more often.

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This image shows the option of going with a used car. Some people consider this the best option because unlike the other choices it is generally very cheap and something that can often be purchased up front. This would eliminate monthly car payments but the downside is you have a car that the best years are behind it, it is much more likely to incur high maintenance costs and vehicle breakdowns often these cars are driven to the end of there lives and need to be replaced every few years.

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In this appealing educational video, Daniel defines and explains in depth all the aspects and terminology of both buying and leasing a vehicle in this day and age. He uses a lot of illustrations and pictures to help explain and make each topic very clear and appealing. This is a great video for anyone who is considering a new vehicle and wants all the in depth information so they can make their own decision based on their own preferences, situation and usages for the vehicle.

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Leasing Vs Buying A Car (Pros and Cons) | How to Calculate a Car Lease Payment