Leasing Vs. Financing

Youve found the car of your dreamsnow what? Should you lease it or should you buy it

? Leasing and financing both offer a variety of advantages and drawbacks. The decision to lease or to finance depends on several factors, including your financial position and your personal priorities.

Before deciding whether to lease or to finance, you need to ask yourself several questions: Is having a new vehicle every three or four years more important to you than long-term cost? Are you more concerned with long-term savings than lower monthly payments? Is it important to you to have ownership of your vehicle?

A vehicle lease usually lasts between two and four years. If having a new vehicle every several years is important to you, then you should consider leasing. Your payments will only cover a portion of the vehicles total costthe portion you will use during your time driving it. The fact that you are only paying for part of your car is why monthly lease payments tend to be lower. If you are financing the vehicle, the payments will be more expensive. Some people look at the lower monthly payments associated with leasing as a benefit, others as a drawback. If you continually lease vehicles, you will always have to pay a monthly payment. When you finance your vehicle, on the other hand, you will be paying higher monthly payments for a shorter period of time. Therefore, if you value long-term savings more than immediate savings, financing is the better option for you.

When you finance a vehicle, you are paying for its entire cost over a period of time. The main difference between leasing and financing is that when your monthly finance payments are complete, you are the owner of your vehicle. One drawback of financing your vehicle is that you wont have the luxury of upgrades as you do with leasing.

To learn more about the difference between leasing and financing, visit a PerformanceCars dealership today. Each of our St. Catharines dealerships offers new and used car leasing as well as new and used car financing. We carry a wide selection of new and used cars in Welland, St. Catharines, Grimsby, and the Niagara area. In addition, we offer some of the most comprehensive car purchasing advice and vehicle service in St. Catharines and the surrounding communities.

by: Ross Geller

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