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LEASE: $40,000 sale price, less a $20,000 buy back (residual). $20,000 divided by a 48-month term = $416.67 per month. (Note: since our example is assuming a 0% interest rate, there was not an interest charge to be added to the payment).
LOAN (Finance): $40,000 sale price divided by the same 48-month term = 833.33 per month (double the lease payment but the loan is paying off the whole vehicle).
After considering this example, you might wonder why everyone doesn’t lease their new vehicle. That would be the case if banks and car manufacturers’ (OEM) finance companies only offered 48-month terms. However, both banks and OEM finance companies also offer longer-term financing options, such as 60, 72, 84 and even 96-month terms.
New car dealership financial service offices have effectively promoted the 84-month (seven-year) finance term to compete directly with the lower 48-month lease payment. Using the same example, an 84-month loan for a $40,000 vehicle would result in a monthly payment of $476.19, which is very close to the 48-month lease payment.
According to Environment Canada, this winter is expected to be harsher than last year. While weather forecasts may not always hit the mark, one thing is certain: Canada’s winters are cold, snowy, and often unforgiving. With freezing temperatures and icy roads on the horizon, it’s essential to ensure your vehicle is ready for the challenges ahead. Here are six crucial steps to prepare your car for the season:
When shopping for a new car, most dealerships and manufacturers provide flexible payment options designed to suit the needs of every buyer. Personally, I get paid once per month, so monthly payments are the most convenient for me. However, many people receive their pay on the 15th and 30th of each month, making semi-monthly payments a better fit. For a large group of buyers who are paid every second Friday, bi-weekly payments tend to be ideal. What’s often overlooked is that the math and calculation of these types of lease and financing contracts might get a buyer into a little budgetary hotwater.
Most individuals and families I speak with have a clear monthly budget in mind, which includes essential expenses like food, rent or mortgage, clothing, fuel, and of course, their car payment(s). While buyers go to the dealership knowing what they can afford each month, they are often unaware of how their monthly budget translates into bi-weekly payments.
At LeaseBusters, we ensure that payment frequency is always converted back to a monthly equivalent so that buyers can stay within their budget and easily compare one vehicle’s cost to another. Many people I encounter believe that doubling their bi-weekly payment gives them the equivalent monthly payment, but this is a common misconception.
Welcome to Mercedes-Benz Burlington: LeaseBusters’ Newest Partner in Luxury Leasing
LeaseBusters is excited to announce a new partnership with Mercedes-Benz Burlington, a renowned destination for premium and luxury vehicles in Ontario. Known for their commitment to customer satisfaction and luxury experiences, Mercedes-Benz Burlington has now added a dedicated LeaseBusters team, making it even easier for clients to explore options in leasing, lease takeovers, and seamless transitions into new Mercedes-Benz models.
Mercedes-Benz Burlington is not your average dealership; it’s a luxury facility where every detail is designed to impress. From the exquisite architecture to the comprehensive customer services, this dealership embodies the elegance and prestige associated with the Mercedes-Benz brand. At Mercedes-Benz Burlington, every visitor is welcomed into a world of luxury designed to cater to a wide range of tastes—from seasoned car enthusiasts to those taking their first steps into luxury vehicle ownership.
Mercedes-Benz has long been a pioneer in the luxury automotive industry, catering to a diverse demographic that values sophistication and precision engineering. Leasing is an especially popular choice among Mercedes-Benz enthusiasts, with a higher leasing penetration compared to regular brands. Many LeaseBusters visitors are avid leasers of Mercedes-Benz vehicles, attracted by the flexibility and style that leasing provides. With the ability to drive the latest models every few years, leasing has become the ideal way to stay on top of the latest advancements from Mercedes-Benz, known for leading-edge innovation and design.
The Quantum Difference
Mercedes-Benz Burlington stands out not just because of its vehicles but also due to its forward-thinking services, collectively known as the “Quantum” experience. This commitment to top-tier service is reflected in every aspect of the dealership:
Alongside these core services, the dealership also provides unique amenities designed to elevate the waiting experience. The Q-Golf Simulator offers clients the chance to work on their golf game while their vehicle is serviced or detailed, adding a touch of leisure to the service process. Additionally, the Q-Café serves as a relaxing space where clients can enjoy refreshments while they wait, rounding out an unparalleled dealership experience.
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