TOP 5 BENEFITS OF LEASING A VEHICLE IN CANADA
Not yet ready to buy a car? Have you thought about leasing? Now, leasing a car can be the best alternative to other forms form of financing. Typically, with leasing, you get to borrow a vehicle that suits your class and style for a fixed duration, usually a short period at lower down payment and monthly payment costs. Here are the top five benefits of leasing a vehicle in Canada.
LEASING A VEHICLE
Relatively Lower Monthly Payments
Typically, leasing a vehicle gives you the advantage of paying relatively low monthly payments than car purchase financing options. Essentially, when you finance to purchase a car, the entire purchase price of the vehicle plus interest is covered during the financing life. Now, with leasing a vehicle, you will only be paying for the vehicle's depreciation, which is usually calculated as taxes and rent over your lease term.
You Pay Less to Drive Off
Purchasing a vehicle would require a down payment. However, if you decide to lease the car, you part with very little or no cash during the drive-off. Essentially, all you have to do is pay your registration fees, taxes, vehicle acquisition fees, and your first month's payment.
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Cheaper Repair Costs
Normally, the repairs costs will be covered by the manufacturer's warranty when you lease a car. This is mainly because the lease term is a short one. However, to ensure that all critical repairs are covered, make a thorough evaluation of the contract's fine print, which will help you understand what maintenance and repair costs are covered.
Ease of Changing Cars
When you lease a new vehicle, you can change it later when the lease is over. With most leases running for up to 48 months, you can update your ride to a new car from our new inventory with the latest and most cutting-edge technology.
An Open Inventory to Choose From
With leasing a vehicle, you can enjoy the benefits of more expensive trim packages and models for lower monthly payments. Essentially, you get flexibility and a fitting lifestyle.