The Pros & Cons of Leasing A Vehicle


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Trying to decide if leasing a vehicle is the right choice for you? Even if you’ve grown accustomed to financing or purchasing outright, leasing may be a better choice for your lifestyle, payment, and vehicle needs. If you want to tie up less of your cash every month to spend on other things leasing may be the right option for you. Learn more about leasing with Somerville Auto and see how we can help you drive a better lease.

Why Leasing it the right choice for you?

Money


Monthly cash flow 

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Leasing a car has almost always lower monthly payments compared to financing. You are paying for the depreciation of the car during the years you use it.

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Save on the down payment and initial fees 

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Most leases have low down payments and in some cases they can be waived all together. You’ll also pay less sales tax (tax calculated on monthly payments NOT the total cost of the car).

 

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You’re considering a business vehicle

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When you lease, a portion of the car’s depreciation value, as well as financing expenses can be deducted on your taxes. Interest on loans, however, are not deductible. This makes leasing an attractive option for many business owners come tax season. 

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Looking to avoid maintenance and repairs

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Leasing allows the flexibility to tailor leases to the terms of manufacturer warranty periods. When you buy your vehicle you generally have that vehicle for longer, and thus you are eventually no longer covered under the warranty. Typically finance periods are longer than the warranty coverage, which means you may no longer be covered.

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You can’t get enough of that new car smell

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Are you constantly upgrading to the latest and greatest model? One of the greatest advantages to leasing a vehicle is the ability to upgrade and explore the new body styles and tech features. With all the tech advances happening in the automotive industry, it’s easy to see why people are so eager to upgrade. Lease terms are typically 3-4 years, and you have the option to buy the vehicle at the end of your agreement. When you’re term is up it’s time to shop again! This keeps you in the most stylish vehicle year after year.

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Looking for a bit of extra style?

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Lease agreements can give you the ability drive away with an upgraded model, which can be more than your budget would allow you to buy. Lease payments are typically less money (depending on the agreement) than financing plans. This can give the driver a bit more wiggle room when choosing a model and can be a good opportunity to try out that luxury vehicle you’ve been eyeing. Sometimes, the high residual values on higher-end models can result in lower payments.

Negotiate your lease payment right out of the gate and find a plan that works for you. Finding the balance between budget needs and style is made easier through leasing.

Leasing a car can be an incredible opportunity to try out new models, new brands, and keep up with the technological advances with interior comforts and advanced safety features. If you'd like to explore the options available to you, talk to a representative today. 

Leasing a car can be an incredible opportunity to try out new models, new brands and keep up with technological advances with interior comforts and advanced safety features. If any of the above descriptions sound like you, talk to a representative today. Negotiate your lease agreement right out of the gate and find a plan that works for you. Finding the balance between budget needs and style is made easier through leasing.

Contact Somerville auto if you’re in the GTA to learn more about leasing a car in the Toronto area.
 

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