When leasing a vehicle, you have two options at the end of your lease: purchase it, or trade it in for a new vehicle.
A financed vehicle is titled under your name and, once the terms of the contract are fulfilled, is entirely yours and you’ll be free to do what you please with the vehicle.
Both financing and leasing payments are determined by the length of the lease. Lease payments are determined based on the value of the vehicle during that time period.
Because of this, they are often lower than purchasing the same vehicle.
There is no kilometre limit when purchasing a vehicle, however, the value of the vehicle will decrease as the mileage increases.
Kilometre limits are outlined within the lease agreement. Exceeding the kilometre limit may require a payment to match the decreased value of the vehicle.