Leasing Seems Cheaper, But Can You Afford It?
Article through the Globe and Mail
Buying a vehicle? First of all you must determine whether you are purchasing
a new or used vehicle.
New Vehicle
- Lower interest rate than a used vehicle
- Longer repayment term than a used vehicle
- Manufacturers warranty included in purchase
Used Vehicle
- Higher interest rate than a new vehicle
- Shorter repayment term than a new vehicle
- Limited warranty/extended warranty can be purchased
Leasing
Here are some questions you may want answered prior to entering into a lease
agreement:
- Why do you want to lease?
- What are the advantages/disadvantages of leasing versus buying?
- Are you considering leasing to obtain a lower payment?
- What term do you want for the lease?
- What are the mileage restrictions on the lease?
- What are my options upon expiry of the lease?
Trade-in or Sell?
Do you trade-in or sell your current vehicle? The decision you make can
save or cost you hundreds of dollars. Once again you must do your homework
in order to make an informed decision. The following are some questions that
should be considered before a decision can be made:
- How do I determine the value of my vehicle?
- What would I receive for a trade-in value?
- What would I receive if I sell privately?
- What are the other cost considerations as to trade-in or sell?
- What are the advantages/disadvantages of trade-in or sell?
Our professionals can help you with the answers to these questions and others
to assist you in making an informed decision.
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