If you are in the market for a new car, you might be considering several different options. Many people wonder about leases and what benefits they carry over purchasing a vehicle outright. While there are advantages to both, the choice really comes down to preference and what you want to get out of your new car. With that in mind, leasing a car is definitely advantageous for many people due to a variety of reasons.
Get More Car for Less
If you have had your eye on a new car out there for quite some time only to be turned off by the high sticker price, car leasing provides the opportunity you have been waiting for. While purchasing the new car of your dreams might be out of your budget, you will be pleasantly surprised to hear that lease payments are much lower. In fact, the higher the residual value of the car, the lower the payments will be each month.
Get a New Car Every Term
In an era where new is what people are constantly looking for, as can be seen in everything from smart phones to clothes, a lease brings that possibility to the car sector. With a lease, you are able to get a brand new car at the end of every contract. You will simply turn the car that you have been driving back in to the dealership, and then set out to select your next new car. The payments will still be lower than purchasing the vehicle outright, and you will drive home in yet another new vehicle to impress the family and neighbors with.
One of the advantages that come with buying a car is that it is yours from the moment you drive it off the lot. You do not have to worry about how many miles you can drive, and you can customize the vehicle however you want. Along with this, however, come the repairs that are inevitably a part of every car or truck. Outside of what is covered under the manufacturer’s warranty, you would be responsible for these repairs if you own the car. With a lease, however, the car is always so new that it is covered under warranty. The chances are already slim that the car will need a serious repair during the term of a lease, but you would be covered in the event that it does.
Ownership Means Something
In the end, you will never own the car if you enter into a lease. Sure, there is the option to purchase the car at the end of the term, but during the lease itself the car will remain the property of the dealership. Ownership is different. Many people like being able to do with their car as they see fit. If that is you, then a lease might not be your best option. If, however, you want a nice new car to drive every few years, and you do not intend on driving it across the country every few months, a lease is a viable option that will save you money in the long run.
Remember that a new car depreciates tremendously the moment it is driven off the lot. If you purchase a car, this is a cost that you will need to factor in. With a lease, however, you will encounter no such depreciation. You simply pay the monthly payments as agree and then hand that car back at the end of the term. That is all there is to it.