Buying vs. Leasing a Car [Video 2:50] (2010)

This video tutorial is part of a series prepared to mark Credit Education Week Canada (CEWC), an annual event designed to promote sound personal money management.

In this video, the host discusses options for paying for a car, and how to decide if a particular car is affordable. She suggests that before purchasing a vehicle, the potential buyer try setting aside each month a sum of money equivalent to one car payment and one monthly insurance premium, along with some money for maintenance. After three months, if it has been a struggle to find the money, then rethink the car purchase.

She also explains the pros and cons of purchasing versus leasing a car. Purchasing means the buyer owns the car at the end of the term; there are no restrictions on mileage; the owner can sell the vehicle; and insurance rates will be lower. Leasing means payments will be lower; the buyer has the option of replacing the vehicle more frequently; and maintenance costs will be lower.

To help make that decision, there is a buy/lease calculating tool available at http://www.cewc.ca.

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2013-03-05
APA citation
Neil McArtney. Buying vs. Leasing a Car [Video 2:50] 2010. Web. 28 Oct. 2020 <http://en.copian.ca/library/multimedia/cewc/car.htm>
Neil McArtney (2010). Buying vs. Leasing a Car [Video 2:50]. Retrieved October 28, 2020, from http://en.copian.ca/library/multimedia/cewc/car.htm
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