Now that you've chosen your vehicle, the next step is to determine the financial details. Although both options have benefits, leasing a vehicle may be a great choice for someone, but might not be right for you. When deciding which route to take, consider asking yourself a few questions: What is the purpose of this purchase; business or pleasure? Do you drive an excessive amount of kilometres per year? Do you like to upgrade every so often? How much can you afford? Answering these questions will help you determine whether you should lease or finance.
Financing is a great option if you want to be the complete owner of your vehicle as it becomes part of your net worth. A financing contract usually lasts between 1-8 years, which allows you to determine what your monthly payment will be, according to your budget. You also have the flexibility to increase your payments whenever you have the extra money to spend. Since finance contracts are usually longer than leasing, keep in mind that once the warranty ends on your vehicle, costs may begin to add up for repairs, so regular maintenance checkups are important. Once your finance contract has ended, you have the option to continue driving your vehicle for years to come, sell it privately or negotiate a trade-in for a possible down payment towards your next vehicle.