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How do I know if leasing is right for me?

(NC) There are many factors to consider when deciding if leasing a vehicle is the best option. You'll need to consider your lifestyle, driving habits and financial circumstances before making any decisions. For some initial insights, Chevrolet Canada gives us the right questions to ask alongside some valuable information:

What are the financial benefits of leasing? Only the depreciation value of the vehicle is used to calculate monthly payments in comparison to the full price of the vehicle used in loan repayment calculations. In addition, lease holders only pay taxes on their monthly payments and tax benefits are offered to self-employed, salespeople and some professionals.

How long do you intend to keep your vehicle? Lease terms are shorter than most financing terms. Lease holders get to drive a new vehicle more often with lease periods typically ranging from 36 to 48 months. At the end of your lease period, you have the options to purchase the vehicle from your dealer at a reduced rate or upgrade to a newer model under a different contract.

What kind of vehicle would you like to drive? Monthly payments for lease holders are typically lower than those who finance. This means that drivers have the option of choosing a more luxurious vehicle for a lower monthly payment.

What is the length of my commuting time? There will typically be a kilometre limit during the period of the lease contract. Potential lease holders should take an honest look at their driving habits and consider if the limit is realistic given their driving habits to avoid additional charges based on kilometres in excess of the limit.

Is maintenance included? You should always speak with your local dealer about maintenance before signing your contract. Depending on the options available at your dealership, regular maintenance may be included. If maintenance isn't included, the lease holder is still expected to return a properly maintained vehicle at the end of the contract period.

More information and advice is available online at Chevrolet.ca and at your local dealer.

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