Leasing Provides More Options, Quicker Out
Crown Honda Financial Service Advisor Elvis Balkissoon has some advice for those confused about leasing a new car or financing a new car.
Take the lease every time.
“Leasing gives the most options and the best options,” Balkissoon said. “For instance, if you lease a Honda you lease a vehicle that holds its value a lot longer than most cars. So if you want to get into a newer model, the value of the car you’re bringing back to the dealership will help you get into a newer model without as much owing as you might think.
“People at my dealership are people who know better,” added Balkissoon with a laugh. “They lease their vehicles.”
If nothing else, leasing gives a buyer many more options. You can get out of a lease quicker, you don’t have to keep the vehicle years after the warranty has expired and payments are often lower.
“Remember, with a lease you only pay taxes on each payment,” Balkissoon warned. “With a purchase, you pay taxes on the total and the payments so your tax bill is much higher. You can save a lot of money by paying fewer taxes.”
Perhaps the best part of leasing is that it gives you more options on your lifestyle.
“There are now eight year (96-month) financing plans,” said Coates. “That’s a long time with the same car. I know a lot of people who really want to get into a new car in three or four years. But say you have an eight-year financing plan and you want to get tired of the vehicle and you want a new car in four years. You still have a lot of money owing on the vehicle you have and the warranty might even be finished.
“However, if you have a three-year lease and you really like the car, you can still buy it at the end of the lease or you can do what most people do, bring it back and get a nicer vehicle.
“We are changing jobs, changing careers, at a faster pace than our parents or their parents did. You get a new, better job, you want a better vehicle. You don’t want to be tied to one car for seven or eight years. Leasing is so much better and provides so many more options.”
The Dilawri Automotive Group
Founded in 1984 by Ashok Dilawri, the Dilawri Automotive Group has more than 400 employees and includes seven Winnipeg-based car dealerships. It also provides customers with the Waverly Auto Mall (WAM) Collision Center, a 24-bay glass, paint and auto body center; D-MAX, a 14-bay detailing center; and GAS Performance, a specialty aftermarket and performance accessory showroom with the largest inventory of custom wheels and tires in Winnipeg. The Dilawri Automotive Group has been named one of Canada’s 50 Best Managed Companies.