Leasing Vs Finance – What is good for you?

Leasing Vs Finance


 

Confused about Leasing or Financing?

This information gives you an insight into what leasing really is. Some customers are confused about whether it would be a good option for me to lease, the answer is it all depends on what you are looking out for.

Leasing Vs Financing at Kanata Toyota
Leasing Vs Financing at Kanata Toyota

 

Important points on Leasing

 

Cheaper than financing

Since you are not buying the car and paying for the entire price of the vehicle Leasing makes it cheaper to afford the car

New car every few years

On average, a customer changes their vehicle in 3-4 years. They either move towards a bigger vehicle size or want to test a new hybrid or electric vehicle or a newer model in the same one they have.

• No need to worry about depreciation

When you finance your vehicle, you share the ownership of your vehicle with your bank, and after your loan term is over and you decide to sell your vehicle, you’ll have to sell it at the depreciated market value of your vehicle.
Since you are not buying the car in the lease, at the end of your lease term you do not have to worry about the depreciating value of your car. You have an option to either lease or finance a new Toyota vehicle, purchase the vehicle you previously leased or return the vehicle back to Toyota.

• Mileage

Toyota provides 16,000 km, 20,000 km, and 24,000km ANNUAL options for our customers.
So, if you opt for a 3-year term and choose 20,000km you get in total 60,000 km. If you think that should be enough then you are good or else, you can opt for the 24,000 km option.

• Mostly always under maintenance

Toyotas come with a comprehensive 3-year/60,000km warranty so you don’t have to worry about issues with your vehicle.

• Benefits for Small business owners

Leasing offers significant tax advantages in Canada to business owners. Check with your tax advisor to see if the lease benefits you.

• Wear Pass

This add-on provides you with a sense of relief from the everyday wear and tear of your vehicle. You don’t have to worry about the odd door ding, windshield chip, stain on upholstery, excess KM charge (up to 1000kms), excess tire wear charge, or rim scuff all of these are waived.

Get in touch with one of our product advisors by calling us at (613) 903-7423 and let us help you create a financing or leasing plan that is right for you or let us reach out by filling out our contact webform.