WHETHER IT’S smarter to lease a a car, or buy it, depends on how ae much loose cash you have and how much you value freedom. Pe By JOHN FURSEY, CA a Contributing Writer An outright purchase means you : pay more up front but then you . can do what you want with the “oh auto. With a lease you pay a smaller monthly amount with little or no downpayment, but face a battery of restrictions and pay more at the end if you decide to , buy the car at its remaining value. oce At normal bank borrowing . fates, you're probably out of % pocket a similar amount at the end - of four years whether you buy or 2 lease. The decision to buy or lease fe teally depends on your personal a preferences, financial capability and how long you plan to keep the car. The decision is more com- plicated, however, at fall year-end model closeout when car makers offer discounts and attractive fi- From page 26 Dirt and other particies are suspended in warm oil and drain more easily from the engine. : So, begin by taking a short drive aay, to warm up the car. Stop the car a on level ground and leave it for ten minutes. This will let the oil cool : down enough so you will not burn ° yourself when you remove the oil ° drain plug. If you plan to use ramps, set the parking brake before you begin, 2) then spread old newspapers on the ground under the oil pan and posi- tion your container under the oil drain plug. Loosen the drain plug with the drain plug wrench, and . unscrew it with your fingers. i Place a container under the , filter. Remove the old filter by turning it counterclockwise with the filter wrench. If the filter is hard to remove (either difficult to reach or overtightened), try a dif- : ferent type of filter wrench. - ‘If all else fails, drive a screwdriver through the body of the filter with a hammer, and then use the extra leverage provided by the screwdriver handle to remove the filter. Thoroughly clean the [NORTH SHORE'S ONLY NISSAN DEALER atthshor @ NISSAN nancing terms. In these cases it is likely to be more advantageous to buy the car. At one time, tax considerations tilted the decisions in favor of leas- ing for people who use the car for business. You can stil! deduct the interest and depreciation if you buy, or the lease payments on the other hand, subject to certain max- imums. But the changes mean that tax write-offs shouldn't drive the decision. With a lease, you're really ren- ting the car for a certain period of time, generally three or four years, with a set mileage limit and a promise to keep it in good shape. The mileage limit, commonly 100,000 kilometres over four years, is an important area to consider up front. Mileage in excess of the limit may cost three to five cents per kilometre. During the lease term you are also responsible for all operating costs: insurance, maintenance, licence, etc. There are two types of leases: the closed-end where the vehicle Change oil, oil filter mounting base. Be sure to check to see that the old “‘O" gasket was removed. Now you are ready to install the new filter. First, smear a thin film of clean oil on the rubber gasket — this ensures easy tightening. Spin the new filter onto the mounting stud until the gasket contacts the mounting surface. Tighten filter by hand as recommended by the filter manufacturer. By this time the engine oil will have finished draining. Replace the oil drain plug and tighten with the drain plug wrench. Remove the oil fill cap and refill the engine with the correct quanti- ty and type of oil. Start the engine and check for oil leaks, especially around the filter. Stop the engine, let it stand for a few minutes, and check the oil level using dipstick. Add enough oi! to bring: the level up to the full mark. Pour the old oil into a plastic container. Take it back to a service station that will recycle your used auto oil — don’t pour it down the drain. Your oil and filter change is done. You wouldirt leave vour ‘bal’ AND ACCESSORIE 000:KM automatically returns to the lessor at the end of the term, and the more common open-ended lease. With the latter, you have a total distance constraint —- say 100,000 kilometres ~- must pay the in- surance and agree to buy the car at term's end for an amount set at the outset — regardless of market conditions at that time. A major disadvantage to leasing Leasing cars has advantages, disadvantages occurs if you have to get out early. It usually means buying at the then-residual value. This will probably be more than the market value, considering how much a new car drops in value as soon as it’s driven off the lot. Some leases do allow a lease transfer, like an apartment sub-let, if the person you have ‘tsold’* the lease to is ac- ceptable to the leasing company. A curious disadvantage to leas- ing is that the lease costs are not considered part of a person’s total debt, as it is when you borrow to buy a car. It means, for example, getting a bigger merigage from a bank if you lease rather than buy —— perhaps a critical factor in a hot housing market. John Fursey is a senior manager with Price Waterhouse. 3 We cheek sour starting system and ignition systent - including igaibon wares, We will adjust your air/fuel mixture, timing and idle speed, as required, 1160 MARINE DRIVE, NORTH VANCOUVER FREE SHUTTLE SERVICE ANYWHERE ON THE NORTH SHORE HOURS: MON-FRI. 8am-5pm, Sat. CONO TRANSMISSION BRAKE & MUFFLER TWO CONVENIENT LOCATIONS TO SERVE YOU FROM! 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