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Leasing vs Financing

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.


  • Shorter terms
  • Drive a new car more often
  • No trade-in obligations
  • Drive a luxurious model
  • Pay for what you use
  • Taxes only on monthly payments
  • Drive your car for longer
  • No penalties at the end of your contract
  • Customization allowed
  • Complete owner
  • Flexibility to sell or trade-in during contract
  • Build equity


Leasing is a great option if you can't afford a larger down payment, allowing you to provide smaller monthly payments until your contract expires; which usually lasts between 2-4 years. Leasing is essentially like renting; you only pay for what you use, but keep in mind that there are limitations throughout your contract: you are not the owner but you are responsible for regular service and maintenance checkups and if you exceed the mileage limits, it may be costly. When your lease is coming to an end, you have the option to return your vehicle and lease or purchase a new vehicle, purchase your existing vehicle for the remaining amount shown on your lease contract or simply return your vehicle and walk away. Be aware that there will be a vehicle inspection required within the last few months of your contract to ensure there are no excessive dents, scratches, mechanical problems or wear and tear.


  1. Do you want to drive a new vehicle every few years?
  2. Do you have the desire for new technology in your vehicle?
  3. Do you drive an average amount of kilometres per year?
  4. Do you want lower monthly payments?


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.


  1. Do you want to be the complete owner of your vehicle?
  2. Do you want to drive your vehicle for more than a few years?
  3. Do you want to customize your vehicle?
  4. Don't want to worry about possible lease-end charges?