Mazda

Kelowna Motors

2560 Enterprise Way
Directions Kelowna, BC V1X 7X5

  • Sales: 1 (888) 434-9418
  • Service: 1 (877) 295-0731
  • Parts: 1 (888) 670-5789
Info

BUYING VS LEASING

PROS OF BUYINGPROS OF LEASING
 
  • You can choose between a new or used vehicle and sell the car whenever you choose.
  • The vehicle will most likely be new. 
 
  • The car is yours when the loan is paid off, and you can use the car as security for another loan. 
  • When the lease ends, you can return the car, or buy it for a previously determined price (the residual value).
 
  • You may put as many miles on the vehicle as you like and have more choice in maintenance and repair.
  • Your monthly lease payments will be lower than monthly loan payments on a comparable car.
 


CONS OF BUYING CONS OF LEASING
 
  • The kilometres, condition, and popularity of your car will determine its final value. 
  • You'll probably have to pay a penalty if you: break the lease early, exceed annual kilometre limits, don't meet a specific maintenance schedule, or fail to make the required monthly lease payments on time. 
 
  • If you don't make your car payments on time and in full, your lender can repossess the car and resell it. 
  • You won't be able to pledge it as security for a loan because you don't own the vehicle. 
 
  • If the resale price of the car is lower than the amount you owe on your loan, you could end up paying the difference to the finance company. 
  • You'll have to pay for any repairs needed at the end of the lease period to make the car re-sellable.