Is leasing a used vehicle a good idea?
Run the numbers to find out if leasing a used vehicle makes sense
Should you buy or lease your new car in Canada?
Looking for a new car? What you should know about leasing versus owning.
“I’d like to lease a used vehicle for three years. It comes with a two-year or 40,000-km warranty. Is this a good idea?”—B. Young, Toronto
The math is not likely to work out for you: The monthly payment for a used vehicle plus a complete warranty would add up to the same amount it would cost to lease a new vehicle, perhaps one with fewer extras. A new vehicle means simple and predictable maintenance requirements, while a used vehicle is liable to require more maintenance in its 5th to 7th years, plus repairs not covered by the warranty. Leasing a new vehicle usually makes more sense than leasing a used vehicle.
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Read more on autos:
- Toyota Corolla review: The best used small sedan
- Lexus ES review: The best used small luxury car
- Ford Escape review: The best used hybrid car
- Watch: How to buy a used car
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