Is leasing a used vehicle a good idea?

Is leasing a used vehicle a good idea?

Run the numbers to find out if leasing a used vehicle makes sense

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Leasing a new vehicle usually makes more sense than leasing a used vehicle (Getty Images)

Leasing a new vehicle usually makes more sense than leasing a used vehicle (Getty Images)

“I’d like to lease a used vehicle for three years. It comes with a two-year or 40,000-km warranty. Is this a good idea?”—B. Young, Toronto

The math is not likely to work out for you: The monthly payment for a used vehicle plus a complete warranty would add up to the same amount it would cost to lease a new vehicle, perhaps one with fewer extras. A new vehicle means simple and predictable maintenance requirements, while a used vehicle is liable to require more maintenance in its 5th to 7th years, plus repairs not covered by the warranty. Leasing a new vehicle usually makes more sense than leasing a used vehicle.

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