Pros & Cons of Leasing a Car

If you are in the market for a new Toronto or Calgary ride, you have three options for securing your next vehicle: buying outright, financing, or leasing. At Pfaff Leasing, we believe that leasing is the way to go. With that said, there are some important car leasing advantages and car leasing disadvantages to keep in mind as you determine the best solution for your needs. Below, we take a closer look at the pros and cons of leasing a car.

Car Leasing Advantages

When you choose to lease, you will enjoy a wide range of perks that are not available when you finance. Here is just a sampling of the car leasing advantages that make this an appealing option to drivers from Woodbridge to Woodbridge and beyond:

• More Affordable Monthly Payments – One definite car leasing pro is the fact that, in most cases, monthly lease payments are lower than monthly financing payments. 
• More Frequent Upgrades – Because car leases tend to be of shorter duration than financing agreements, one of the biggest car leasing pros is that you can upgrade your vehicle more often. If you prefer to drive the latest models equipped with state-of-the-art features, this car leasing advantage cannot be beaten.
• Protection – Many leasing agreements help protect your vehicle and your investment in it by including coverage for certain types of routine maintenance and repairs. This ultimately helps you save even more money while providing significant peace of mind.
• Lease-end Options – When you reach the end of your lease, you have more options than you would with financing. For instance, many leases allow you to buy the vehicle outright at the end of the lease term, or you can just return it to the dealership. Consult your lease agreement for more information about lease-end opportunities.

Car Leasing Disadvantages

Just as there are car leasing pros, there are also some car leasing disadvantages to remember. Check out the most important:

• Restrictions – Among the pros and cons of leasing a car, one of the most notable drawbacks are the limits in place. With the vast majority of leases, you cannot exceed a certain amount of miles without incurring penalty fees. In other words, be prepared for a limit on how much and how far you can drive. Also, you likely will not be allowed to customize a leased vehicle.
• Wear & Tear Costs – Another car leasing disadvantage is that you might be liable for any repair costs that do not fall under the category of routine wear and tear.
• No Equity – When you buy or finance, you build equity in your vehicle; when you lease, you are not the legal owner of the vehicle, so you do not accrue any equity in it.

Lease Your Next Vehicle at Pfaff Leasing

When it comes to the pros and cons of leasing a car, we are confident that the advantages far outweigh the disadvantages. Contact us to begin the search for your dream vehicle. You can also apply for financing online (Toronto applicants, Calgary and Vancouver applicants) to streamline the process. Start experiencing all the perks of leasing today.