The allure of leasing over traditional financing has historically been that a customer can drive a more expensive car for a lower payment.
That’s because, for leasing, the amount being financed is not the total price of the vehicle, but the difference between the price and the value at the end of the lease. Let’s say a $50,000 vehicle is worth 40 per cent of the original price after four years. The customer is financing the difference — 60 per cent — over the four-year lease period. Perhaps more significantly, sales tax is paid only on that 60 per cent,
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