I have two molars that have had root canals and crowns on them. I'll relate to what was told to me by my dentist.
Having a tooth extracted is relatively cheap and you have no lingering complications from the procedure. A root canal & crown is expensive, and is not permanent (The tooth that is left will at some point fall apart. Whether you live long enough to experience it is another issue.
) A dental implant is the most expensive, and is never as strong as the original tooth.
Choosing what procedure to take depends on a lot of things:
2) Appearance (Where will the gap be)
3) Potential for tooth "drift" (Movement of the surround teeth)
For me I picked the root canal & crown because my jaw is too large for the teeth I have (I would have kept my wisdom teeth had they come in properly and had room for another set). Between that and the 10 years of orthodontics any gap that a missing tooth would create will, over time, cause my teeth to shift within the jaw and become crooked. This can cause a lot of problems in the long run too: poor appearance, contact between teeth leading to faster decay, as well as bad biting which can cuase excessive wear, and faster decay.
Once the tooth under a crown fails, I plan on an implant to replace it. I have enough problems keeping my teeth clean and heathly as it is without recreating my former Bugs Bunny look from childhood.
In any event, consult with a dentist and an oral surgeon. They'll be able to cover all the pros and cons for your situation, discuss costs, and be able to determine payment plans on the option you choose.