If car leasing is an advantageous option in several respects, in particular because of the monthly payments which are much lower than when buying, this option also has its share of disadvantages.
1. Renting a car saves money every month
If you choose to lease rather than buy a vehicle, expect to pay less each month. Dealerships undervalue a vehicle ‘s depreciation in order to offer small monthly payments, which leaves more money in your pocket.
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2. You can rent a car of a higher ranges car
Because the monthly payments for a leased car are lower than when buying, you have the advantage of being able to choose a higher range for your vehicle.
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3. Even with a small budget, you can rent a new car
Even if your budget is very limited, you can have access to a new entry-level car through leasing.
4. You can spend money on other debts with a leased car
Even if your means are not necessarily limited, you do not have to choose a higher-end model. In this case, you will simultaneously enjoy a new car and while eliminating your money problems.
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5. A rented car can be changed often
When your lease is over – usually after a period varying from two to four years – you are free to change the make and model of vehicle as you see fit.
6: You don’t have to manage the resale of your car
At the end of your lease, you will not have to manage the cumbersome process of selling your vehicle . This will save you hours of paperwork at the dealership and at the Société d’assurance automobile du Québec (SAAQ) .
7: You know the depreciation of a leased vehicle
In your rental agreement, the depreciation of a vehicle will be clearly established. This depreciation will then let you know the value of the vehicle at the end of your contract, if you wish to purchase it.
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8: At the end of your contract, you can buy a used car without unpleasant surprises
Loved your rented car so much you didn’t want to let it go? It will be possible for you, at the end of your rental contract, to pay the amount remaining on it and to become its owner.
9: You benefit from the manufacturer’s warranty with a rented car
Even if the rented car is not yours, you have the advantage of taking advantage of the manufacturer’s warranty , often throughout your rental. The guarantee is limited by the time and distance travelled, and these elements are clearly stated in the rental agreement.
10: The dealer has every interest in properly repairing a leased car
When you lease a vehicle, your repairs will generally be made under the manufacturer’s warranty. Because of this, the dealer will repair the vehicle as best as possible, because he is likely to inherit it sooner or later. He therefore has every interest in keeping it in good condition.