Should I lease in Toronto instead of buying a vehicle?

By: Somerville Auto   |   30 Apr 2019
Two men work out of a 2018 White Chevy 1500

Gain the Advantage with Leasing

If you’re looking to advance your business in the GTA, discovering ways to set yourself up for financial success is pivitol. Any large investment should be taken on with great care, none more so than that of acquiring business vehicles. Whether you’re seeking out a single company vehicle or you’re looking to obtain an entire fleet, there are ways to proceed that can set you well ahead of the competition. Is your goal to maximize cash flow and maintain financial flexibility? See why Somerville Auto’s leasing experts have been trusted for more than 60 years by Toronto businesses for all their fleet and equipment needs.

The Leasing Difference

Many business owners are familiar with the buying process when adding another vehicle to their company, however, when it comes to leasing, much of the process is unknown. At Somerville Auto, we’re here to guide you through the financial benefits of commercial leasing and help you determine if it’s the right fit for your business.

One key factor that makes leasing the better choice for some companies is the lower initial and monthly costs. While purchasing drains you of a down payment amount and charges higher loan payments throughout the term, leasing may only require a small down payment -- or none at all, and the monthly payments are generally smaller. In Ontario, business lease payments may be written off in full, while for loan payments, only the interest portion is tax deductible. This means that companies who are looking to free up their cash flow are often better off choosing a less restrictive lease agreement.

A Hino 155 is sitting on a Toronto Street after being leased from Somerville Auto

Flexible Lease Agreements

Some business owners may hesitate over choosing a lease because they feel that owning trucks or equipment outright gives them more freedom. While this can be the case, when you build your agreement with an independent leasing company like Somerville Auto, you’ll have the flexibility to create terms that fit your specific needs. We’re able to craft tailored agreements for our clients all throughout the GTA because we are not tied to one, particular brand.

Extend mileage, choose buyout options and pick from a vast selection of vehicles with the help of our experienced account managers. Purchasing work vehicles can leave you unable to recover invested funds should business needs change. With a commercial lease, once your term is over you have the freedom to upgrade your fleet to newer models without having to unload your current vehicles. A lease also gives you the option to keep the vehicle by paying for the remaining value upon the end of your term, should you decide you want it.

Trust Somerville Auto for Your Leasing Needs

As an independent leasing company, Somerville Auto handles personal, commercial and equipment leasing. No matter the size of your company, we can work to find you the right vehicles with the right terms. For anyone in the market for a new vehicle in Toronto, we advise you first to talk with us and learn how leasing could benefit you.

 

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