It can be a difficult decision to decide between leasing and financing a car, and a question we often get asked by our customers is "should I lease or finance a car." The answer is that it depends on your needs and desires in owning a vehicle.
While leasing has lower monthly payments than financing on a comparable model, you will not own your leased vehicle unless you decide to purchase it at your lease-end. This is just one of the differences between leasing and financing a car.
When considering leasing a vehicle, remember that leased vehicles generally come with a yearly kilometer allowance. Honda Canada Finance provides 24,000 km per year, and if you travel further than this distance you must purchase additional kilometers at the time you sign your lease agreement.
Most leases only require an initial payment of your first month's lease and a refundable security deposit, while a down payment may be required if you are financing a vehicle. At the end of your lease, you have the option of returning your vehicle and leasing a new one (great for people who want a new vehicle every few years), returning your leased vehicle and walking away, or purchasing your leased vehicle.
