Financing vs leasing a Mazda:
the pros & cons
When you're thinking about financing or leasing, consider the next few years ahead. If you plan to travel or move abroad in the near future, leasing is the best option. You can return the Mazda at the end of the lease and that's it - no complications. If you're remaining in Canada and want to grow equity in a vehicle, look at financing.
Our Finance experts can help you find the best option for your budget and lifestyle.
Pros of buying
- Own the vehicle
- No annual limit on the number of kilometers you drive each year
- You'll be free from payments and you build equity in the vehicle once you’ve paid off your loan
- You have the freedom to add any accessories, such as an air dam, side molding, or trailer hitch
Cons of buying
- You pay for repairs when the warranty expires
- Your car will depreciate over time
- Repair costs increase as your car ages
- It's your job to sell or trade in your Mazda when it's time for a new one.
Pros of leasing
- You get to drive a new Mazda every two or three years and experience the latest features
- Planning on moving or travelling at the end of a lease? You won’t have a car to sell
- You’re not stuck with a vehicle that depreciates over time.
Cons of leasing
- It's up to you to keep the vehicle well-maintained to avoid extra changes at the end of the lease
- There's a limit on the number of kilometers you can drive each year
- You are always making payments if you always lease
- If you can’t afford to keep the vehicle, you could face expensive penalties.
A number of things affect your monthly lease payments, such as:
- The lease vehicle's value
- Lease charges
- Any down payment you make
- Interest rates
- Fees and taxes
- The vehicle's depreciation
Both financing and leasing have their benefits. Whatever option you choose, our professional finance managers will go through all the details and answer any questions regarding warranties and other financing options to protect your investment. We look forward to meeting with you soon to discuss your needs and options!