If you are planning to get car lease takeover in Canada, you should probably go through its pros and cons once more, so you are able to make a more informed decision. Car leasing has a lot of advantages, but like everything else, it has its share of drawbacks as well.
Pros of Getting a Car on Lease
There several benefits of getting car lease takeover in Vancouver and several other cities. Arguably, one of its biggest advantages is that you are not obliged to pay a huge down payment for leasing a car like the down payment you have to make while buying your own car. This features offers convenience to lots of people who cannot arrange a big amount of money quickly. There are numerous car leasing companies that do not require you to make any down payment at all as different companies have different policies.
Secondly, normally leased cars are insured, so you don’t have to go through much trouble in case the car suffers any damages during an accident. The car insurance will cover all the expenses and damages, provided that, that car insurance plan covers those aspects.
Third, you can pay the lease takeover amount in small monthly installments instead of paying that entire amount at once. Hence, if you don’t have the complete lease amount right now, you can still lease the car and arrange the installments with the passage of time.
Fourth, after your lease takeover ends, you can trade your previous car for a newer model or another car from the same company.
Now, let’s take a look at some of the cons of leasing a car.
Cons of Leasing a Car
Arguably, the biggest drawback of getting a car on lease is that the lease amount often adds up to a huge amount and is often more than the actual price of the car. This is because a certain percentage of interest is charged with each monthly installment that you pay, which makes the total lease amount equivalent, or at times higher than the price of a new car.
Secondly, most of the lease takeover contracts in Vancouver have a limitation on the mileage of the car you have leased. This means that you can only drive to a certain number of miles per year. On exceeding this limit, you have to pay an extra amount of money known as the ‘excess mileage fees.’ This feature of car leasing makes it inconvenient for most of the people to use that car for going on long road trips or holidays.
Thirdly, you are not allowed to make any changes to the car you have leased as it does not belong to you but the leasing company. Hence, you cannot customize the leased car according to your taste and style, and if you do that, you will have to pay an additional amount.
Now, that you have some idea of the pros and cons of car lease takeover in Vancouver, you should weigh them before finalizing your decision.