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Q: Are leased cars deceased in Canada?

Michael says....
GM and Chrysler still offer leases, but they have basically priced themselves out of the leasing market by hiking interest rates to 8.9 percent or more, and other companies may follow suit and reduce their leasing incentives.

Cash is now king, with some eye-popping deals for cash buyers, and even better ones possible in the U.S. (especially on NAFTA region-built cars), if you’re willing to jump through the administrative hoops listed at the Registrar of Imported Vehicles.

Be wary of long-term financing deals that extend past the warranty period of the vehicle. The last thing you want is car payments and major repair bills to pay in the same month.

Long-term financing at zero-percent interest can be a great perk, and save you thousands, but make sure you don’t have to forego cash incentives to get it.

Michael Bettencourt test drives more than 100 new vehicles a year and is a member of the Automobile Journalists Association of Canada. Send him your car questions here.