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Is it better to lease or finance a new car?

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3 minute read

There isn’t a clear-cut answer, because
each scenario has its own set of pros and cons and honestly, it really comes
down to your lifestyle and how you prefer to pay for things. Let’s compare
leasing with financing in a little more detail:

OWNERSHIP
Lease – The vehicle is titled in GM’s name, and at the end of term, you have the
option to purchase the vehicle or turn it in and lease a new one.
Finance – The vehicle is titled in your name, and you own the vehicle free and
clear after the terms of your purchase finance agreement are fulfilled.
DOWN PAYMENT
Lease – The down payment amount required for leasing varies based on the
lease transaction structure and monthly payment you desire, but in general,
is often lower than financing.
Finance – In some cases, the down payment amount needed for buying may be
higher when compared to leasing.
KILOMETER LIMITS
Lease – Kilometer limits (typically 20,000 or 24,000 yearly) apply as per your
lease agreement, and charges may be applied if these limits are exceeded.
Finance – No contractual limits on kilometers apply, however vehicle resale
values generally decrease as more kilometers are added.
MAINTENANCE/WEAR
Lease – You are required to service the vehicle as per GM’s maintenance
schedule and cannot make any changes to the vehicle’s appearance.
Finance – You can change the appearance of the vehicle, and select which
repairs to make, subject to the terms of the purchase finance agreement.
MONTHLY PAYMENTS
Lease – Monthly payments may be lower than financing the same vehicle, since
you only pay for the value of the vehicle during the term of the lease.
Finance – Monthly payments may be higher than leasing the same vehicle, as
the full value of the vehicle is paid over the term of the contract.
TAX SAVINGS FOR BUSINESS OWNERS
We have seen more and more businesses leasing vehicles to enjoy tax savings.
We recommend you speak to your accountant to see how you could benefit
from leasing your next vehicle.
In a nutshell, leasing makes it easier to get more car for less money, as you only
pay for the use of the vehicle for two or three years, instead of paying for the
vehicle itself. Financing, on the other hand, frees you from the restrictions
involved in leasing, such as mileage caps, and the vehicle is yours to do with as
you wish.
Have you ever wondered if you get more money by selling your car privately or
from trading it in at the dealership? Stay tuned for our next article.

Kipp Scott GMC Cadillac Buick is a family-owned business that has proudly served Red Deer, and all of Alberta, for over 50 Years since first opening our doors in 1968. Treating our customers with respect has always been our number-one priority, and we believe when it comes to selling vehicles, honesty is the best policy. Rest assured we’ll do everything we can to make sure you leave our dealership 100% satisfied.

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RCMP recruitment failure has Alberta advocacy group calling for Provincial Police Service

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News release from Free Alberta Strategy  (A Strong And Sovereign Alberta Within Canada)

“Make no mistake, we are paying for these services that we aren’t receiving. Alberta’s taxpayers are paying tens of millions of dollars for nearly 400 vacant RCMP officer positions – for boots that are not on the ground.”

A recent report from the Royal Canadian Mounted Police (RCMP)’s independent Management Advisory Board had findings that are nothing short of alarming:

“Federal policing has now arrived at a critical juncture of its sustainability, which present risks for the national security and safety of Canada, its people, and its interests,” says the report.

After over a year of diligent study, the Board has been tirelessly firing off flares, signalling to all who will listen: the very foundation of our national public safety apparatus may be at risk of faltering.

This is doubly problematic because, as you well know, the RCMP is also responsible for boots-on-the-ground policing in large parts of the country, including many rural and remote areas – including in Alberta.

Rural crime has been a longstanding issue in Alberta, and social disorder continues to make headlines nightly.

Alberta Minister of Public Safety, Mike Ellis, took to social media platform X (formerly known as Twitter) to express his opinion:

“The independent report finds the RCMP has struggled in recent years to recruit and retain regular members, a problem that’s particularly acute in federal policing. This is not about the hard-working men and women on the frontline: they are doing everything they can. The reality is the RCMP do not have enough officers to police communities in Canada effectively.” 

Ellis has been ahead of this story for months now.

In March, Ellis stated that:

“… on average, Alberta has an RCMP officer vacancy rate of 20 per cent. This means that Alberta is only being served by 1,522 of the 1,911 RCMP officers that the federal government has authorized for Alberta.”

“Make no mistake, we are paying for these services that we aren’t receiving. Alberta’s taxpayers are paying tens of millions of dollars for nearly 400 vacant RCMP officer positions – for boots that are not on the ground.”

The consequences of this capacity crisis are far-reaching.

Not only does it jeopardize the safety of Albertans, but it also undermines the credibility of Canada’s federal police force on the international stage.

With limited resources and personnel, the RCMP’s ability to address pressing national and global security concerns is severely compromised.

The Management Advisory Board, created in 2019 by the federal government to provide external advice to the RCMP commissioner, set up a task force in the fall of 2022 to study the federal policing program.

Overall, the report says budget and personnel shortfalls have left the RCMP “operationally limited,” restricting the number of cases it can take on annually.

Here are some more highlights from the report:

“Canada and its people have already begun to see the repercussions of the federal policing program being stretched thin.”

“Federal policing’s overall eroding capacity may have implications for the credibility of Canada’s federal police force and its investigations on the international stage.”

“Ultimately, this may influence Canada’s overall approach and standing in international politics, including its ability to advance global priorities.”

Clearly, we cannot afford to wait any longer.

Municipalities can ease the burden on our national security services by establishing municipal policing.

Several cities in Alberta already have their own police authorities, and the provincial government is providing funding for others interested in exploring this option.

Grande Prairie is already in the process of establishing their own municipal police service.

No word on how many other municipalities have taken the government up on their offer.

Unfortunately, President of Alberta Municipalities Tyler Gandam (also Mayor of Wetaskiwin) is featured prominently on the National Police Federation’s “Keep Alberta RCMP” website.

Interestingly, the Keep Alberta RCMP website doesn’t mention the fact that the advisory board even exists.

It doesn’t mention the report.

The notion that our federal policing infrastructure teeters on the brink of instability while Gandam appears to be asleep at the wheel, is deeply disconcerting.

The safety and security of Albertans must remain our top priority.

We cannot afford to wait any longer.

The time has come for the province to take swift and decisive measures to bolster policing capabilities in Alberta.

It’s time for Alberta to seriously consider the establishment of an Alberta Provincial Police Service.

It has been one of the core tenets of the Free Alberta Strategy.

If you agree, please reach out to your municipality and ask them to take steps to protect your community.

Together, we can keep Alberta safe.

Regards,

The Free Alberta Strategy Team

P.S. We’re hoping you’ll consider contributing to our cause. Your generous donation helps us make a positive impact in our community. No need to worry about any hold-ups or threats here. We’re just passionate about making a difference, and your support goes a long way in helping us achieve our goals.

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Making Alberta a geothermal energy leader

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Eavor announces it’s the #1 geothermal energy startup company in the world – January 2024

Alberta is creating Canada’s first geothermal test site to advance drilling innovation, reduce emissions and create jobs.

Geothermal energy uses naturally occurring heat within the earth to heat water and buildings and generate power, with few emissions or environmental impacts. Alberta has vast pockets of heat below ground, making the province Canada’s geothermal leader, but testing and developing new technologies can be a barrier for many companies. Unlike the United States, Japan and other countries, Canada does not currently have an open-access test site to help spur innovation.

Alberta is taking the first steps to create a new Alberta Drilling Accelerator. This groundbreaking facility would be the first of its kind in Canada, establishing Alberta as a global hub for geothermal technology. This will drive new innovations in geothermal and other clean energy projects that can reduce emissions and power communities around the world.

To kick-start the project, the Alberta government is investing $750,000 to conduct a feasibility study led by Calgary-based Eavor Technologies and other stakeholders. The study is the first step in assessing the proposed facility. It will include identifying a site, business planning, research on the governance model, an economic impact analysis and stakeholder engagement that will lay the groundwork for the initial planning stages of the project.

“Alberta has been a global energy leader for more than a century, renowned for our skilled workforce, innovation and one of the largest oil and gas reserves on the planet. The proposed Alberta Drilling Accelerator presents enormous potential to help our province lead the next wave of energy projects here at home and around the world that reduce emissions, create jobs and enhance energy security.”

Rebecca Schulz, Minister of Environment and Protected Areas

The Alberta Drilling Accelerator would help companies test out and develop new geothermal drilling techniques or technologies to reduce emissions and drive growth across the clean energy sector. It would be an open-access, technology-agnostic drilling test facility capable of drilling in challenging environments, including deep depths, high temperatures and different rock types.

The accelerator also would help speed up the development of carbon capture, utilization and storage; helium; critical minerals; and other clean technologies and commodities that rely on Alberta’s drilling sector. All of this helps attract investment and bring new technologies to scale in Canada.

“With cumulative geothermal investment poised to reach $1 trillion by 2050, a geothermal arms race is very much underway to commercialize novel drilling techniques that accelerate geothermal development – exhibited by testing facilities in the United States, China and Iceland. As Canada’s first geothermal test bed, the Alberta Drilling Accelerator will help bring geothermal technologies to scale, supporting companies like Eavor. We commend the Government of Alberta for this bold initiative.”

John Redfern, president and CEO, Eavor Technologies

“We are proud to witness Eavor, a CDL-Rockies alumni company, create new opportunities for innovators like themselves to advance the adoption of energy transition technologies like geothermal. The Alberta Drilling Accelerator will further solidify Alberta’s position as a leader in the global sustainable energy landscape.”

Heather Marshall, site lead for CDL-Rockies and Haskayne ScaleUp, University of Calgary

If the feasibility study shows the facility is economically and environmentally viable, and if the project is approved by the Alberta government, the facility will start taking shape at the selected site and drilling could start as early as 2025.

“Canada is home to the most advanced drilling technology in the world. Not only do our members support the responsible development of oil and gas, but we are integral in the extraction of new energy resources like geothermal and critical minerals. Our workers are at the epicentre of Canada’s energy transformation. Our people, technology and processes are leading the way towards a more diverse energy future. The Alberta Drilling Accelerator is a government-enabled policy approach to expand Alberta’s drilling capacity and reach its full potential as the world’s most diverse and technologically advanced producer and exporter of sustainable energy and critical minerals.”

Mark Scholz, president and CEO, Canadian Association of Energy Contractors

“The Alberta Drilling Accelerator is a testament to Alberta’s innovative and entrepreneurial spirit. Leveraging our oil and gas sector expertise, Alberta is poised to become the global leader in developing new geothermal technologies that will play an integral role in reducing emissions while supporting job creation.”

Alison Thompson, chair, Canadian Geothermal Energy Association

Quick facts

  • The Canadian Association of Energy Contractors estimates that one active drilling rig, whether drilling for natural gas or geothermal, creates approximately 220 direct and indirect jobs and
    $1 million in tax revenue.
  • In 2019, Eavor received $2 million in provincial funding through Emissions Reduction Alberta and Alberta Innovates for the world’s first closed-loop geothermal system.

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