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Every month The Original Applewood Motors sees hundreds of customers, and many come to us with the same question: what’s the difference between financing and leasing?
Sadly, most other dealerships don’t do a very good job of explaining the difference between these two types of financial plans and which one works best for your situation. Thankfully, Original Applewood Motors has put together this simple breakdown of the two so you have a better idea which one works best for your situation.
Helping our customers make difficult decisions is just one more way we try to stand out when it comes to service in Langley and Surrey.
There are several advantages to both options, and determining whether you should lease or purchase your next vehicle all comes down to your needs. Here is a breakdown of the advantages of each option so that you can see which makes more sense to you.
Leasing will, therefore, be the perfect option if you have:
Financing will, therefore, be the perfect option if you have:
In the end, if you’re looking to constantly drive the latest and greatest vehicle for a shorter period of time before returning it to upgrade to the next vehicle, then leasing will work best for your situation.
On the other hand, if you’re looking to own your vehicle but simply don’t have all the cash to pay for it outright, then financing is the better option. Not only will that vehicle be yours to keep once the financing is paid off, but you can customize it to your heart’s content! Either way, contact our Finance Department, and our team of financing specialists will be more than happy to help set up your financing or leasing plan.
This is another question we get asked on a consistent basis, and the answer is: it depends. Leasing is typically cheaper in the short term thanks to lower monthly payments and fewer initial fees. However, leasing is designed for you to ‘own’ the vehicle only for a few years, meaning that over time financing becomes less expensive as you pay off the vehicle.
In the end, which financial plan is cheaper ends up being determined by what you intend to do with the vehicle and how long you intend to own it for. If you’re still not certain which would work best for you, contact our finance department today at 604-670-4538. We'll be happy to help you make a decision between financing and leasing your next vehicle.
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