Envision Financial

Envision Financial

July 03, 2012 12:34 ET

Envision Financial Shares Expert Advice on Why Leasing May Be Your Ticket to a Brand-New Ride

LANGLEY, BRITISH COLUMBIA--(Marketwire - July 3, 2012) - Long summer days are finally here and for many people, the change in season brings wistful dreams of cruising down an open highway in a brand new ride. For some, the dream of a new car stalls because they don't want to be stuck with the long-term responsibility of a vehicle. However, as one Envision Financial expert explains, with the number of new and nearly-new car leasing options available in the market, leasing is once again gaining popularity amongst those dreaming of the open road.

"Many motorists aren't aware of the variety of options available to them through the dealerships," explains Catherine Dangerfield, assistant vice president of automotive services at Envision Financial. "The options for leasing or financing are greater than they've ever been."

Dangerfield adds, "We've noticed a major surge in the leasing market - not just in Canada but south of the border as well. There's a reason why leasing is making a major resurgence - because it truly is a smarter choice for many motorists."

The benefits of leasing

With the cost of living at an all time high, leasing is often a more affordable option for many motorists.

"When you choose to lease, your monthly payments are generally between 30 to 40 per cent lower than if you were financing conventionally," explains Dangerfield. "Instead of paying for the entire purchase price of the vehicle, you're only paying for the depreciation-the difference in value from the beginning of the lease to the end of the lease. Often people don't realize they pay fewer taxes because of this."

Dangerfield adds, "Picture it this way-if the vehicle you're leasing is worth $20,000 and the projected value at the end of your lease is $15,000, you will only be paying taxes on the $5,000 difference, the depreciation of the car from the time you'll be driving it. Leasing also offers better tax deductions for people who are self-employed or own a business."

Is leasing right for you?

Leasing is a better option for those who are not interested in spending a lot of money on a vehicle. It is a real lifesaver for those who need to free up some cash for other things, because lease payments can be significantly lower than traditional financing payments.

It is also preferable for people who don't know how long they'll be driving the vehicle. "Leases are popular with senior motorists because they're not interested in the financial burden of buying a car if they're only going to be driving for a few more years," explains Dangerfield. "In addition to seniors, we see a lot of international students who also prefer to lease for this very same reason."

Additionally, leasing may be the better option for those who enjoy keeping on top of the newest technology, or that feeling of driving a new car with state-of-the-art features. Whether drivers decide on a new or nearly-new lease, they have plenty of flexibility and choices. As Dangerfield advises, "Be smart and do your research. Don't dismiss the option to lease without really thinking things through. It might be your best option."

Since 2004, Envision Financial has been offering leases on new and nearly-new vehicles through Envision Leasing. As not all financial institutions have the capacity or the skill to offer leasing services, Envision works with dealerships from all over the province to find customers the lease that's right for them.

About Envision Financial

Envision Financial is a division of First West Credit Union, B.C.'s third-largest credit union with 37 branches and 29 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson regions. Led by Launi Skinner, First West has approximately $6.6 billion in assets under administration, over 169,000 members and nearly 1,400 employees. For eight years running, Envision was named one of the 50 Best Employers in Canada. Envision is designated a Caring Company by Imagine Canada.

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