12/28/2023 0 Comments Cashflow boardgame car loan payment![]() If you have a tight or uncertain cash flow, you may appreciate lower monthly payments. The second benefit to leasing a car is that it's cheaper in the short term. If you really love cars and are excited by the latest technology and top-notch performance, these factors may be worth more to you than owning a car. Only you can decide how important this is to you. One of the main perks of leasing is you're potentially able to get a shiny new car for much cheaper than it would cost to buy one over the same term. Let's talk about the emotional factor of leasing first. Whether to own or lease depends on your lifestyle, cash flow and preference. Scotiabank proudly finances vehicles for consumers for several car manufacturers across Canada, including on an exclusive basis, for Mazda, Jaguar Land Rover, Volvo and Polestar. That asset is yours to keep, sell or pass on. But the difference is, at the end of the day, when you've repaid your debt, you have an asset. Your monthly loan payments will be higher than if you were leasing the same car. In contrast, when you buy a car, you take out a loan for the entire sticker price of the vehicle plus taxes minus your down payment. It's usually cheaper than taking a loan out to own the car because you're only paying the depreciation costs of the vehicle over the period of time you are driving it. The payments are a mix of principal, interest and taxes. You pay the dealership to drive the vehicle for a predetermined amount of time, usually around two to four years. Leasing a car means you only pay for the portion of the car you use. Lease-lovers adore getting a brand new, shiny car with the latest technology every few years, while owner-advocates are willing to pay higher monthly payments now, for the promise of paying $0 in the future. The issue is surprisingly divisive, with die-hard supporters on each side. To lease or to own? That's the question facing every driver in the market for a new car.
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