Leasing a car means you only pay for the car’s value that you use. Unlike financing or owning a car, you only have to pay for the depreciation of your leased car. Because of this, leasing a vehicle typically has lower monthly payments.
When you lease a vehicle, you make regular payments on a car over a short-fixed term (typically 2-4 years). You don’t own the car, but you do have the option to buy it at the end of the term. Most Canadians who choose to lease don’t buy the vehicle and instead return it for a new vehicle and new lease. This process is appealing to people who prefer changing their vehicles every few years to models that are newer and fall within the warranty period.