Is leasing right for you?
Leasing is an option that allows you to pay for the portion of the vehicle's value you expect to use over a period of time, plus a borrowing charge and applicable taxes.
How leasing works
When you buy a vehicle using traditional financing, monthly payments are based on the whole value of the vehicle plus interest. When you lease a vehicle, your payments are based on the portion of the vehicle you expect to use (plus interest) over the lease term, which can range from 36 to 48 months.
THE BENEFITS OF LEASING:
- Lease terms are shorter than most finance terms so you can drive a new car more often
- No trade-in obligations
- You can drive a more luxurious model or get more features than if you financed
- You pay taxes only on your monthly payments
- You are only paying for the portion of the vehicle's value that you intend to use
THE BENEFITS OF BUYING:
- You will own the vehicle
- The vehicle will be registered under your name
- You can trade in your current vehicle to add to your down payment
- You can keep your vehicle as long as you wish
- No kilometrage restrictions
- No wear and tear limitations
- You may alter your vehicle any way you wish
May include first month's payment, an administration fee, a down payment and other miscellaneous fees.
You are only paying for the depreciation of the vehicle over the lease term, along with the other charges (i.e. monthly tax and borrowing charges).
24,000 km for a typical lease (see your dealer for low kilometre lease options). You may buy more kilometres up front or pay per kilometre over the limit at lease end.Lease end optionsClick here to get the information you need, from ending your lease to purchasing a new vehicle.
Excess wear and tear
Usually assessed at lease-end. Ask your dealer for further details. Maintenance and repairs are your responsibility.
Required for the amount of coverage specified by your lease.