Leasing a car can be better than buying a vehicle for multiple reasons. Lower payments, trade-in value and a warranty are important assets of any lease. You can also experience the thrill of a different type make and model every few years by leasing your next vehicle. A lease can offer you a chance to keep a vehicle just long enough for it not to grow old.
The leasing option can also allow you to keep a lower monthly payment. You can get way more car for the monthly price with a lease. You aren’t buying the car long term and the dealer is aware of that. This means you’ll get a reduced monthly price. You probably won’t have to put a ton of money down on your new leased vehicle. You don’t have to pay the larger than life fees associated with buying a new vehicle. You can leave the car lot that day with a brand new vehicle without paying the extra costs associated with a major purchase.
If you do put money down, it will just lower your monthly payment. A lower payment gives you more money to put more gas in your tank. It gives you more money to spend elsewhere.
You will have a set number of miles to drive per your lease contract. You’ll have to be careful not to go over those miles and adjust driving accordingly. There is always a fine per extra mile associated with the lease if you go over your allotment.
The good news is the vehicle wear and tear belongs to the dealer and not you. You don’t face the dilemma of losing tremendous value of a new car upon leaving the dealership. The problem with a new vehicle is the value depreciates the most as soon as the new buyer drives away. You don’t have to worry about that. It’s not your vehicle to sell in the future.
You can absolutely buy the vehicle at the end of your lease term. If you love the vehicle, you can negotiate with the dealer to purchase it. Your lease contract probably has the payoff price included. You’ll have a good idea if you enjoy the car enough by the end of your lease term. This way you aren’t stuck with the vehicle if you despise it. You don’t have to worry about keeping a vehicle that just doesn’t make you happy.
A lease also allows you to hand in the vehicle after the lease is up. You can walk away from the mileage, the wear and tear and any mechanical issues. You might have to pay additional costs for any excessive wear and tear as defined by your lease contract. Insurance will typically cover anything above “excessive” anyway. That’s typical of any lease contract. Most customers can turn their leased in vehicles back in great shape. This means you can move on to a brand new vehicle and another low monthly payment.
Owning a vehicle is the dream for many people. With leasing, you get to drive a new vehicle every few years. You don’t ever have to worry about a car running out of warranty. It always is protected in case of any huge mechanical breakdowns.
This can give you the peace of mind knowing you aren’t going to be out thousands of dollars to keep the car running. You won’t have any repair costs like you would face with an older vehicle that you own. That’s the issue with eventually owning your vehicle. Cars do break down over the course of time. Those costs could add up to more than what you would pay out of pocket for a one year lease.
You’re also not going to have to worry about putting your car back on the market to sell. You don’t have to wash and shine the vehicle before bringing prospective buyers over. You don’t have to worry about the “dreaded” trade-in value. You don’t have to research value and hope you get what the car is worth. The dealer has to take it back per the lease contract. It’s that simple. A lease really gives you the opportunity to walk cleanly away from a vehicle and hop into a new one.