Automotive

Need Education of Leasing

  • Last Updated:
  • Apr 22nd, 2019 1:38 pm
[OP]
Newbie
Jul 2, 2018
56 posts
12 upvotes

Need Education of Leasing

So I just currently finished paying off my 2012 RVR (Mitsubishi) on a 7 year finance term.
Looking back, I'm not really excited about doing another long term financing since the car is just not that exciting anymore.

Especially the RVR since it's given me problems.

In any case, can someone educate me on how to go about going for a lease option?

I want a 2-3 year lease with high mileage option.

I've seen the Hyundai website offer 33 months with $36KM annually for around $400/month.
It's the basic Santa Fe version but the numbers and size of the car seem to work for me.

What do you guys think?
It's that the best option in town?

I'm in GTA

Thanks again
8 replies
[OP]
Newbie
Jul 2, 2018
56 posts
12 upvotes
actually i might be wrong on the price.
could be much higher.
Deal Guru
User avatar
Mar 23, 2008
11339 posts
7637 upvotes
Edmonton
jetscan wrote: So I just currently finished paying off my 2012 RVR (Mitsubishi) on a 7 year finance term.
Looking back, I'm not really excited about doing another long term financing since the car is just not that exciting anymore.

Especially the RVR since it's given me problems.

In any case, can someone educate me on how to go about going for a lease option?

I want a 2-3 year lease with high mileage option.

I've seen the Hyundai website offer 33 months with $36KM annually for around $400/month.
It's the basic Santa Fe version but the numbers and size of the car seem to work for me.

What do you guys think?
It's that the best option in town?

I'm in GTA

Thanks again
With leases, you can't just look at the raw numbers. You also should be looking at how much of a down payment is required, what the interest rate is, what the residual value is, etc... Also need to understand if the $400/month includes HST or not.

C
Sr. Member
Mar 24, 2016
703 posts
849 upvotes
scarborough
i too am needed info on leasing a vehicle.

the upfront costs are one thing but how about at the end of the term, I have read alot of horror stories. What happens if the car has a small dent. do you need to replace the tires, brakes etc. etc. at the end
Deal Addict
Apr 6, 2008
1807 posts
1149 upvotes
explorer11 wrote: i too am needed info on leasing a vehicle.

the upfront costs are one thing but how about at the end of the term, I have read alot of horror stories. What happens if the car has a small dent. do you need to replace the tires, brakes etc. etc. at the end
Most end of lease inspections are done by a third party. They have allowances for regular wear and tear - stone chips, small dents, etc. Major damage obviously needs to be repaired. Also brakes and tires need to be enough to be certified, but they don't need to be brand new by any means. Another option is you can add a lease protection package when leasing the car.
Deal Guru
User avatar
Apr 26, 2004
11903 posts
2099 upvotes
Mississauga
jetscan wrote: So I just currently finished paying off my 2012 RVR (Mitsubishi) on a 7 year finance term.
Looking back, I'm not really excited about doing another long term financing since the car is just not that exciting anymore.

Especially the RVR since it's given me problems.

In any case, can someone educate me on how to go about going for a lease option?

I want a 2-3 year lease with high mileage option.

I've seen the Hyundai website offer 33 months with $36KM annually for around $400/month.
It's the basic Santa Fe version but the numbers and size of the car seem to work for me.

What do you guys think?
It's that the best option in town?

I'm in GTA

Thanks again
I did the build & price for the basic Tucson with no options for 33 months at 36K km/year and the grand total came to $649.40/month, based on Ontario taxes.
explorer11 wrote: i too am needed info on leasing a vehicle.

the upfront costs are one thing but how about at the end of the term, I have read alot of horror stories. What happens if the car has a small dent. do you need to replace the tires, brakes etc. etc. at the end
Each manufacturer should have some sort of end-of-lease package that outlines what kind of wear and tear is acceptable or not. As a very general rule of thumb, anything that can be covered by a credit card is okay. Not saying that you can have 30 of these dents and scratches on your car though. They will also be a lot more lenient if you intend to buy or lease with that manufacturer again.
[OP]
Newbie
Jul 2, 2018
56 posts
12 upvotes
yea you're right
leasing with the 36,000KM is quite expensive.
Deal Fanatic
User avatar
Jul 26, 2007
5079 posts
2693 upvotes
Toronto
Think of this way, most real estate agents own two cars, one for high mileage to drive back and forth to get signature and other car to show off their clients around.

Since you paid off your not thrilling car, maybe use this car to rack up on milage and lease or buy a fun car.
Deal Expert
Aug 22, 2011
33918 posts
19761 upvotes
Ottawa
jetscan wrote: yea you're right
leasing with the 36,000KM is quite expensive.
Yup, lease and high mileage does not work.

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