Leasing A Vehicle

What are the benefits of leasing a car, SUV or truck?

• When leasing a vehicle, the main benefit is a lower monthly payment than financing. Some people who can afford to purchase a vehicle outright will actually choose to lease instead.
• You drive the vehicle during its most trouble-free years. Often major maintenance that is needed during a car's lifecycle will happen after the vehicle lease term. Things like timing belts, for example, are typically required after 100-140 thousand kilometres*.
• Having a nicer vehicle compared to what you would be able to afford if financing. Maybe you don't want to deal with a cold steering wheel when the weather drops well below freezing, which is typical for Red Deer, or perhaps you would like to be able to park your vehicle safer with a 360-degree camera system.
• When you usually trade-in your vehicle, the car's worth can fluctuate dependent on the current market. When leasing, you don't need to worry about the fluctuating price at trade-in or go through the hassle of selling the car, truck or SUV.
• If you are a business owner or self-employed, there also tax advantages that you might take advantage of. For instance, you can deduct up to $800 per month plus GST, which works out to an annual total of $9,600 (Make sure to check current tax incentives that apply to you).
• At the end of the lease, you can drop the car off at the dealership. Maybe the vehicle was not right for you, or it didn't have the space you think you needed. When leasing, you aren't tied to the car for the long term.