Confused?  You are not alone.  Many of our customers are unsure of what option to pursue or even what each option means.

At Roy Nichols Motors, your comfort & satisfaction is our concern.  Here is a brief overview to educate you on the differences between leasing & buying (financing!).  We hope it helps!  Feel free to contact any of our sales team for more information.  click here.

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Now that you know the differences between buying and leasing your vehicle, here's your chance to review them side by side.  Simply decide what's most important to you.



Leasing is an option which allows you to pay for the portion of the vehicle's value you expect to use over a period of time, plus borrowing charge and applicable taxes.

You should lease if you...

  • want lower initial costs - a lease down payment can be lower than a finacial down payment.
  • want lower monthly costs
  • want to drive a more luxurious model or get more features than if you financed.
  • want to drive a new car more often. (lease terms are often shorter than finance terms)
  • want to drive a vehicle during its most trouble-free years.
  • avoid trade-in obligations
  • choose to walk away at the end, or lease your next car.
  • Pay taxes only on your monthly payment.

You should also know about:

  • Up-front costs:
    May include first month's payment, a refundable security deposit, a down payment and other miscellaneous fees.
  • Monthly payments:
    Usually lower than traditional finance payments because you're only paying for the depreciation of the vehicle over the lease term, along with the other charges (i.e. monthly tax and borrowing charges).
  • Annual kilometrage:
    24,000 km for a typical lease.  You may buy more kilometres up front or pay per kilometre over the limit at lease end.
  • Lease-end options:
    Explore the options we offer when your lease comes to an end.
    • Option 1 - Return your vehicle and lease a new GM vehicle.
      One of the most attractive aspects of leasing is the opportunity to drive a new vehicle every few years. You can pre-select your new vehicle at Roy Nichols Motors prior to the expiry of your current SMARTLEASE. And with attractive GMAC lease rates, you could be driving a new vehicle at a monthly payment that 's comparable to what you're paying today!
    • Option 2 - Return your vehicle and buy a new GM vehicle.
      Should you prefer to own your next vehicle, your sales consultant can help you select a vehicle that meets your specific transportation needs. In addition, GMAC offers attractive purchase financing rates to assist you in the purchase of your new GM vehicle.
    • Option 3 - Return your vehicle and not replace it.
      You may simply choose to return your vehicle to Roy Nichols Motors, hand over the keys and "walk away" with no further obligations.*
      *Provided you have met all the obligations of your lease.
    • Option 4 - Buy your leased vehicle.
      You can purchase your vehicle for the "Option to Purchase" price (plus applicable taxes and fees, if any) detailed in your lease agreement.

  • Excess wear and tear:
    Usually assessed at lease end. Ask Roy Nichols Motors about our special lease return rates.  Maintenance and repairs are your responsibility.  Use our helpful guidelines to plan for a worry-free return of your vehicle.
  • Insurance:
    Required for the amount of coverage specified by your lease.


Traditional financing is an option whereby you borrow the amount you need to buy your vehicle, then repay that amount, plus interest, with the long-term goal of owning it.

You should buy if you...

  • want to own the vehicle
  • want the vehicle to be registered under your name
  • choose to make a bigger down payment, the less you pay each month
  • can trade in your current vehicle to add to your down payment
  • want to keep your vehicle as long as you wish
  • want no kilometrage restrictions
  • want no wear and tear limitations
  • may want to alter your vehicle any way you wish

You should also know about:

  • Up-front costs:
    Down payment, registration fees and other charges.
  • Monthly payments:
    Usually higher than lease payments because you're paying for the entire purchase price, taxes and finance charges.
  • When payments end:
    You own your vehicle. You can choose to keep it, sell it or trade it in.
  • Wear and tear:
    Is your responsibility. In excess, it may lower your trade-in or resale value.
  • Insurance:
    Coverage is required for the amount specified by your finance contract.
  • To change vehicles:
    Once fully paid for, you must sell it yourself, or negotiate a trade-in price when buying or leasing a new vehicle.
  • Annual kilometrage:
    Unlimited. Drive as far and as often as you want. Keep in mind high kilometrage may affect trade-in or resale value.