Need a 2nd vehicle - thoughts on leasing?

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I know leasing is typically frowned upon for many reasons and is typically never worth it.

Just wanted your opinions if it would make sense in my scenario as this is something I've been sitting on over the last year.

  • Family of 5 (3 kids under 7 years old). Wife: 35, myself: 35 - residing in Oakville.

  • Currently have a 2007 Ford Focus hatchback bought used before kids. Much too small and now finally giving us problems at about 300,000km though this thing was a little beast!

  • Also have a 2014 Sante Fe XL, purchased in 2018 with 160,000km. Currently has 260,000km and still going strong

  • household income: roughly $230,000 or so (wifes yearly salary fluctuates based off hours), after taxes its about $15,000 per month. Not too worried about job losses in our fields though one can never truly know of course.

  • This household income only reach this amount last year, before that it was closer to $150,000...so yes a significant increase.

  • mortgage and other expenses is close to $3,900 per month.

  • current debts (credit card) would be around $8,000 total, currently being paid off.

  • RRSP/TFSA are not maxed out (auto contributed every pay)

  • Savings - $10,000 (currently working on this!)

  • The vehicle would be for my wife, currently drives max 9,000km for work per year. Other than some short trips in town, we typically take our larger family suv everywhere.

  • The leased vehicle would obviously replace the 20+ year old focus.

  • I plan on picking out a used lease vehicle from lease busters. My goal is to get a lease less than $300 a month if possible, and take advantage of someone else's previous down payment (still researching how this all works).

  • As mentioned, the household income only increase the last year. Mine and my wife's lifestyle has always been in the frugal mind set...never owned a new car, never financed, always bought in cash. We both grew up poor with immigrant parents and pretty much carried on their mindsets, though we do go on a couple of vacations every year. Something our parents never really did.

  • The reason I don't really want to buy another car is that I don't want to have to deal with the mechanical issues. I grew up learning from my dad how to work on our own cards (other than things that require a lift). I don't mind it, but man...with 3 kids...my time is just now so limited. I also don't agree with the monthly payments of over $400+ for a vehicle older than 10 years! If i were to finance something less than 5 years old, with max $500 per month, I'd be paying for that vehicle for about 5-8 years...that to me is insane (napkin math, btw)

please share your thoughts. be harsh, critical, helpful. I want to hear from all sides if possible.

Posted Feb 19, 2026, 3:52 PM UTC

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