Finance vs. leasing
St. Albert Honda looks at
the pros & cons
Every driver has different needs and goals. Some people want a car that's always under warranty, so leasing makes sense. For others, keeping a car for a longer period of time is the goal.
Whatever you need, we have the answer.
Financing
Car buying pros
- You can travel any number of kilometers as you wish annually
- You will own the car, SUV, or truck outright
- You'll be finished with car payments and can grow equity in the vehicle, once your loan is paid off
- Freedom to add accessories, such as a spoiler, grill guard, or chrome trim.
Car buying cons
- Paying for repairs is your responsibility when the warranty expires
- Depreciation over time
- Repair costs can be high as the vehicle ages
- It's your job to sell or trade it in when it's time for a new vehicle.
Leasing
Leasing pros
- Sometimes payments are lower than financing
- You're behind the wheel of a new car every two to three years
- No worries about selling if you're moving away in a few years
- No concerns about vehicle depreciation over time.
Leasing cons
- The annual number of kilometers you can drive is limited
- It's your role to maintain the the vehicle to avoid extra changes at the end of the lease
- You'll never be free of monthly payments if you always lease
- Not being able to afford lease payments can result in expensive penalties.
Leasing from St. Albert Honda
Where leasing is affordable and easy
Your monthly lease payments are shaped by a number of things, including:
- Charges for the lease contrac
- The lease vehicle's value
- A down payment - if you make one
- Current interest rates
- Any fees and taxes
- Expected depreciation of the lease vehicle
Both financing and leasing have their benefits. Whatever option you choose, our professional finance managers will go through all the details and answer any questions regarding warranties and other financing options to protect your investment. We look forward to meeting with you soon to discuss your needs and options!
