When It Comes to Buying or Leasing a Car in Canada, One Small Tip Can Save You Big Money

When looking to buy or lease a car in Canada, people rarely think of how depreciation affects their overall purchase costs. Let’s say that you have the choice between two different vehicles for purchase, both in the $25,000 - $30,000 range, and you can’t decide between the two options. To help you make your decision, take a quick look at www.canadianblackbook.com to see what a five year old version of that same make and model (or a similar model) is worth today.

Chances are, one vehicle option is going to be worth more than the other—and the difference in value could be significant. “Depreciation is the largest expense item in total cost of vehicle ownership,” but this is a little known fact that is rarely talked about when it comes to car dealers in the GTA. Because we help our customers buy and lease a car in Toronto of all makes and models, our salespeople will never pressure you to go with a particular make or model if it doesn’t fit your needs.

Here is a list of Canadian Black Book’s (CBB) annual Best Retained Value awards, which can help to identify which vehicles have the best retained values and costs of ownership. This year, Toyota led the awards with eight, followed by Chrysler and BMW, three each, Nissan two, Subaru, Hyundai and Honda each one vehicle. 2013 winners are based on 2009 model year vehicles (runners-up are in brackets):

• Sub-compact: Honda Fit (Nissan Cube);
• Compact: Toyota Prius (Mitsubishi Lancer);
• Mid-size: Subaru Outback (Volkswagen Passat CC);
• Full-size: Hyundai Genesis (Nissan Maxima);
• Entry Luxury: BMW 1 Series (Lexus IS);
• Luxury: Lexus GS (Acura RL);
• Premium Luxury: BMW 6 Series (Lexus LS);
• Premium Sports: Nissan GT-R (Porsche Boxter);
• Sports: Dodge Challenger (BMW Z4);
• Small Pick-up: Toyota Tacoma (Mazda B-Series);
• Full-size Pick-up: Toyota Tundra (Chevrolet Avalanche);
• Minivan: Toyota Sienna (Honda Odyssey);
• Full-size Van: Dodge Sprinter (GMC Savana);
• Compact SUV: Jeep Wrangler (Toyota RAV4);
• Mid-size SUV: Toyota FJ Cruiser (Toyota Venza);
• Full-size SUV: Toyota Sequoia (Ford Expedition);
• Compact Luxury SUV: Infiniti EX35 (BMW X3);
• Mid-size Luxury SUV: BMW X6 (Infiniti FX Series);
• Full-size Luxury SUV: Lexus LX570 (Mercedes-Benz G-Class).

Certain makes and models hold their value better than others, and a key to a smart car purchase or lease is to make your final decision based on how likely your vehicle is to maintain its value over the years. Talk to one of our friendly, down-to-earth sales staff here at our conveniently located showroom in Toronto and learn how buying or leasing a car at Somerville National Leasing and Rentals Ltd. can help save you money.