Leasing a vehicle is essentially renting it. Car leases last two to four years, and once the lease is up you can return the car and start the process all over again by leasing a new vehicle. You will also have the option to buy out the lease at the end of the term.
Buy Or Lease
Select one of the titles below to see the explanation.
Cash Flow & Payments
The big advantage of having a lease is the size of your monthly payment. Your monthly payment may be lower because you aren't financing the entire price of the vehicle. With a lease you're only borrowing the amount that the vehicle will depreciate over the term of the lease.
Slick Wheels
Lower payments also mean that when you lease you can afford a nicer car than you could if you were buying.
Low Mileage User
If you mostly drive short distances / have a shorter commute, then you don't have to worry about going over the allotted mileage in your lease agreement. Most car leases come with a limit of 24,000 km.