There are many reasons why someone might want to do short-term leasing. You could be on a 1-year contract in Toronto and just need something to get you around for the year you’re here. Maybe you’re the type of person that wants to have a new car every single year. No matter what your reasoning is, we’re here to help you with your leasing needs.
Leasing Under 12 Months
It’s possible that you need a car for even less than 12 months. Sometimes you might only be in the area for a few months. When you’re in a situation where you only need a vehicle for something like 6-10 months, leasing probably isn’t the best option for you. The cost of having a lease for that short of a time frame would be far higher than if you were to rent a vehicle. In situation, it’s recommended to look at a long-term rental instead.
Leasing For 12+ Months
If you need a lease that is longer than 12 months, your best option might be to actually take a 24 month lease and pay off your remaining payments after you’re done with it. As you can see from this chart, the cost between having a 2 year lease and renting for 2 years is significantly different.
When you rent a vehicle long-term, the longest you can rent a vehicle is usually only about 11 months. You would then have to rent another vehicle or renew your rental for the remainder of the time you need the vehicle. No matter how long you have the lease for, your final cost is going to remain the same. The difference will come from what your last buy-out cost will be.
Let’s say for example your 2-year lease cost is $8,183.28.
- Monthly Payments would be $340.97
- If you have the car for 14 months, you’re paying a total of $4773.58 over the 14 months
- This means you’re paying only $3,409.70 to pay out your lease
Now let’s say you rent a comparable vehicle for 11 months which costs $8,629.
- Monthly Payments would be $784.46
- Having the car for 14 months would cost a total of $10,982.44