Even though shopping for a new car can be very exciting, it also comes with an overwhelming amount of options. In addition to deciding which make and model is best, shoppers also have to figure out if they would rather finance or lease the new vehicle. When trying to decide whether to finance or lease a new vehicle in Edmonton, AB, shoppers must consider the advantages and disadvantages of each option.
The main factors that determine whether leasing or financing is the best course of action are your budget and personal preferences. Which option best fits into your lifestyle?
Financing a new car typically requires larger monthly payments due to the fact that you are paying for the full cost of the vehicle, including taxes. Leasing, on the other hand, requires smaller payments because you are only paying a rental fee and the cost of the vehicle's depreciation during the lease term. Since you are only leasing the vehicle for a limited time, you are required to remove any changes and modifications and return the vehicle at the end of the lease term. When you opt to finance, however, you have complete ownership of the vehicle and can make any changes you want. You can also keep the vehicle as long as you wish or sell it at any time.
At Sherwood Ford, we understand everyone has distinct preferences and financial situations, so our goal is to help you determine which way is best for you. We are happy to sit down with you and discuss your options in terms of leasing or financing a new vehicle. Please don't hesitate to give us a call or stop in to see us—we look forward to assisting you during the car shopping process!