Leasing vs. Financing

Once you have found your perfect vehicle match and organized a loan, the final decision arises: leasing or financing.
Breathe easy knowing there is no "right" or "wrong" solution to payment, rather pros and cons for each unique buyer. A decision can be made by evaluating personal financial situations, preferences and driving habits.

Let's break down this decision by answering some questions most buyers have and should ask themselves upon car shopping.

First, what is the difference between leasing and financing?
Financing is paying the total purchase price of your vehicle over time, in consistent monthly payments. This makes it more manageable to afford the purchase of the car, with the end result being ownership of your vehicle.

Leasing is making consistent payments (biweekly, monthly) to dive and keep the vehicle for a long term amount of time. Included in the lease payment is the cost to use the vehicle and the amount of depreciation occurred as the vehicle is in your possession. At the end of a lease term, you must return the vehicle to the dealer, or utilize the option to buy. You can do this by paying out the residual value or "value remaining" on the vehicle you were leasing.
When Should I Lease?
What are the advantages to leasing?    What are the disadvantages to leasing?
Driving a more expensive vehicle, with lower payments and  little to no down payment.
The included factory warranty offers lower repair costs.
More flexibility with new vehicles every few years.
At the end of the lease, no trade-in troubles apply.
Less sales tax.
Unlike financing, you don't own the car at the end of the term, however you will have the option to buy.
Mileage can be limited by the dealer to a maximum kms, but purchasing more is an option.
Leasing is the more expensive option if kept several years.
Any above average "wear and tear" can add additional costs to your leasing.
Charges apply if you want to change your vehicles before your lease term is up.
When Should I Finance?
What are the advantages to financing?What are the disadvantages to financing?
The financing payments make the vehicle yours and
therefore the vehicle can be modified as you like.
Purchasing a vehicle saves money if compared to long term
leasing for several years.
No excess mileage penalty allows kilometres and travel to
be a non-issue.
You have the freedom to sell the vehicle at any time.
Monthly payments are higher than a lease payment would  be. 
Warranty will eventually expire and you will be responsible for repair costs.
Trade-in and selling can be unwanted stress when it's time to look for your next vehicle.
If you don't have the ability to make a large down payment, it can cause buyers to owe more on the car than what it's worth at time of selling.
Now that you fully understand the differences between the two options, in the end, choosing to finance or lease should be based off your driving needs, payment plans and personal preferences.
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