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Should I Lease or Finance My New Car?

Published

3 years ago

3 minute read

Is it better to lease or finance a new car? 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.

Learn more about Kipp Scott.

Related Topics:

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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Alberta

A complete list of Alberta’s New Enhanced Emergency Measures

Published on November 25, 2020

By

From the Province of Alberta

New measures at a glance

Unless otherwise stated, the following mandatory restrictions come into effect Nov. 24 and will be in place for at least three weeks.

1. See list of communities under enhanced status (purple areas)
2. See list of affected communities in the Calgary area and the Edmonton area.
Measures All Alberta Enhanced (purple) Areas1 Calgary Area2 Edmonton Area2
No indoor social gatherings in any setting Yes Yes Yes Yes
Outdoor gatherings max of 10 Yes Yes Yes Yes
Wedding and funeral services max of 10, no receptions permitted Yes Yes Yes Yes
No festivals or events Yes Yes Yes Yes
Grades 7-12 at-home learning Nov 30-Jan 11 Yes Yes Yes Yes
Grades K-6 at-home learning Dec 18-Jan 11 Yes Yes Yes Yes
Working from home should be considered, where possible Yes Yes Yes Yes
Places of worship at 1/3 normal attendance No Yes Yes Yes
Restricted access to some businesses and services starting Nov. 27 No Yes Yes Yes
Mandatory masks for indoor workplaces No No Yes Yes

Gathering restrictions

  • Mandatory restriction – Provincewide – effective Nov. 24

    • No indoor social gatherings are permitted in any setting (private homes, public spaces or workplaces)
      • Indoor close contacts must be limited to people in the same household
      • People who live alone can have up to the same 2 non-household contacts for the duration of the restriction
      • Work and support group meetings are not social gatherings, but attendance should be limited and public health measures followed
      • This does not apply to service visits from caregivers, health or child care providers
    • Outdoor social gatherings are limited to 10 people and must not have an indoor component
      • Backyard gatherings that require movement in/out of homes are not permitted
      • Attendees should remain distanced at all times and follow public health measures
    • Festivals and events are prohibited (indoors and outdoors)

    Learn more about gatherings.

  • Mandatory restriction – Provincewide – effective Nov. 24

    • Maximum of 10 people for wedding ceremonies or funeral services
      • This includes the officiant, bride/groom and witnesses
      • This does not include staff or organizers who are not considered an invited guest
      • This applies to any facility, including places of worship and funeral homes.
      • This includes services held indoors or outdoors, seated or non-seated.
    • Receptions are not permitted

    This measure will help limit exposure, reduce outbreaks and protect vulnerable attendees.

  • Mandatory restriction – Enhanced status (purple) areas – effective Nov. 24

    • Maximum of 1/3 normal attendance for places of worship
    • Physical distancing between households must be maintained
    • Mask use is required
    • Online services are encouraged
    • In-person faith group meetings can continue but must maintain physical distancing and public health measures must be followed

    Faith communities are often significant aspects of people’s lives, and include intimate and close contact between members. This measure will help limit exposure at these activities, reducing outbreaks and protecting vulnerable members who attend.

  • Mandatory restriction – Calgary and Edmonton areas – Effective Nov. 24

    • Masks are mandatory in all indoor workplaces, except when working alone in an office or a safely distanced cubicle or an appropriate barrier is in place
      • This applies to all employees, visitors, delivery personnel and contractors
      • This includes all locations where employees are present and masks won’t pose a safety risk
      • This does not change current student mask requirements in schools

  • Working from home should be considered, where possible.

  • Mandatory restriction – Provincewide – Starting Nov. 30

    Grades 7-12 students

    • Move to at-home learning Nov. 30 to Jan. 8, except during winter break*
    • Resume in-person classes Jan. 11
    • Diploma exams are optional for rest of the school year. Students and families can choose to write an exam or receive an exemption for the April, June and August 2021 exams.

    Grades K-6 students (including Early Childhood Services)

    • Continue in-person learning to Dec. 18
    • Move to at-home learning Dec. 18 to Jan. 8, except during winter break*
    • Resume in-person classes Jan. 11

    *Schools have different winter break schedules, check with your school for details.

    Learn more at K-12 learning during COVID-19

Business and service restrictions

Effective Nov. 27, new restrictions will limit the amount of contact between people in the community, while still allowing businesses to offer services. These measures apply to all communities on the enhanced list (purple areas).

Albertans are encouraged to limit in-person visits to retail locations and use curbside pick up, delivery and online services.

  • Mandatory restriction – Enhanced status (purple) areas – Effective Nov. 27

    Businesses that are closed for in-person service include:

    • Banquet halls, conference centres, trade shows, auditoria and concert venues, non-approved/licensed markets, community centres
    • Children’s play places or indoor playgrounds
    • All levels of sport (professional, semi-professional, junior, collegiate/universities and amateur). Exemptions may be considered.

     

  • Mandatory restriction – Enhanced status (purple) areas – Effective Nov. 27

    Restaurants, bars, pubs and lounges will be open with restrictions if they follow all public health guidance in place including:

    • Maximum of 6 people from the same immediate household at a table and no movement between tables.
      • People who live alone can meet with up to 2 non-household contacts as long as they’re the same two throughout the duration of these restrictions
    • Only seated eating and drinking is permitted. No other services or entertainment will be allowed, including billiards, games or darts.
    • Liquor can be sold until 10 pm and food-serving establishments must close to in person-dining at 11 pm. Liquor sales apply to casinos, but casinos are not required to close at 11 pm.

    Albertans are encouraged to use take out, delivery, drive-thru and curbside pick-up options.

    Additional inspections will occur to verify that public health measures are being followed. Establishments that are non compliant may face orders and fines.

  • Mandatory restriction – Enhanced status (purple) areas – Effective Nov. 27

    Most retail businesses may remain open with capacity limited to 25% of the occupancy set under the Alberta Fire Code.

    • Retail, including liquor and cannabis
    • Grocery stores
    • Pharmacies
    • Clothing stores
    • Computer and technology stores
    • Hardware
    • Automotive
    • Farmers markets approved by Alberta Agriculture and Forestry
    • Unlicensed outdoor seasonal markets

    Some entertainment and event services may remain open with capacity limited to 25% of the occupancy set under the Alberta Fire Code.

    • Movie theatres
    • Museums and galleries
    • Libraries
    • Casinos, offering slots only. Table games must be closed at this time.
    • Indoor entertainment centres including amusement parks, water parks, bingo halls and racing centres.
    • Indoor fitness, recreation, sports and physical activity centres, including dance and yoga studios, martial arts, gymnastics and private or public swimming pools.
      • Facilities can be open for individual studio time, training or exercise only.
      • There can be no group fitness, group classes, group training, team practices or games.
      • Instructors can use facility to broadcast virtual fitness classes from, but there can be no group class.

    All public health guidance and physical distancing requirements must be followed.

    Albertans and businesses are encouraged to limit in-person visits and use curbside pick up, delivery and online services instead.

  • Mandatory restriction – Enhanced status (purple) areas – Effective Nov. 27

    Businesses open by appointment only are not permitted to offer walk-in services. Appointments should be limited to one-on-one services.

    • Personal services such as hair salons and barbershops, esthetics, manicure, pedicure, body waxing and make-up, piercing and tattoo services,
    • Wellness services including acupuncture, massage and reflexology
    • Professional services such as lawyers, mediators, accountants and photographers
    • Private one-on-one lessons (no private group lessons permitted)
    • Hotels, motels, hunting and fishing lodges

    These businesses must follow all current public health guidance for their sector and should consider virtual options where possible.

    Home-based businesses should follow the restrictions for the type of service they provide.

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#ReDiscoverRedDeer

Downtown Business Spotlight: Motion

Published on November 23, 2020

By

This week’s Business Spotlight shines on Motion! This business specializes in customized mobility and home accessibility solutions for clients of any age and is located at 4720 50 Ave. We sat down with Regional Manager, Trudy Russell, to learn more!

What is your business?

Motion is Canada’s leading provider of comprehensive and customized mobility and home accessibility solutions for a wide variety of clients from children to elderly adults. Serving communities in Alberta, BC, Ontario and Saskatchewan for more than 30 years, it is Motion’s mission to improve the lives of our clients every day with solutions that are delivered professionally, consistently and with integrity.

When did your business open?

Motion (formerly Motion Specialties) began serving the Red Deer community in October 2011. Previously located at 5301 43 Street, our facility moved to 4720 50 Avenue in the heart of downtown in June 2017 – an exciting opportunity to become a part of the Downtown Red Deer Business Association.

What makes your business unique?

The products and services we provide are truly life changing. It’s the difference between someone being bed ridden or limited to where they can go vs. getting outside, visiting family and friends, and continuing the activities they love the most. Our clients are people with important life needs and our caring and knowledgeable experts understand the importance of customized solutions.

What are some products/services that you offer?

Products include wheelchairs, walkers, scooters, stairlifts, ramps, ceiling lifts, homecare beds, and more. Whether a client is being fitted for equipment for the first time, is in need of an equipment repair, looking to upgrade their solution or looking to rent equipment following a surgery or due to injury, Motion’s knowledgeable experts are ready to deliver with the utmost of care and respect.

Why did you choose Downtown Red Deer as the location for your business? 

As it is Motion’s vision to make life accessible for everyone, this is top of mind when choosing a location for our facility. Clients need to be able to drive their scooter or power wheelchair, for example, with ease not only in our facility but in the community where we are situated, and Downtown Red Deer offers this accessibility.

What do you think makes Downtown vibrant?

The buildings, including ours, have history and character; we were a Simpsons-Sears in the 1960s! Keeping Downtown Red Deer alive with the Farmers Market in the Summer, featuring local Artists sharing their beautiful voices, is always a wonderful event to witness.

I love Downtown Red Deer because… It’s an incredibly close-knit and supportive community that we’re proud to be a part of.

If you’re looking for a business that specializes in making life accessible for all, look no further than Motion. Check out their website and social media pages!

Website: https://motioncares.ca/locations/red-deer 

Facebook: https://www.facebook.com/motioncares

Instagram: https://www.instagram.com/motioncares/

Twitter: https://twitter.com/motioncares

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