When deciding if it’s best to lease or buy a car, there are considerations you should make based on your personal situation. For example, the monthly payments and whether you drive the car for business will factor into the process. These questions should help you answer the question of whether NYC car leasing or car buying is right for you.
How Long Will You Keep the Car?
If you want to trade in for a new car every 2 years, leasing would be the better option for you. You’re essentially paying to rent the vehicle long term before trading it in for another. A car owner who purchased a car then turned it in within a few years wouldn’t get much money for the car since it would have depreciated significantly. The depreciation for a leased car isn’t the concern of the person who does the leasing. The monthly payments for use of the car have depreciation costs factored into it.
Are You Rough on Your Vehicles?
A driver who doesn’t ding or scratch their car is a driver who should consider a leased car. If you are constantly finding unexplained scratches or dents, you’ll end up paying a lot of money for the repair of the car. While you might be able to ignore scratches on a car you own, a leasing company will charge you for those kinds of repairs.
What is Your Available Savings for Fees versus a Down Payment?
The upfront costs for buying a car include the massive down payment, registration and insurance fees as well as the title costs. You’ll also have to make the first payment on the loan within a few weeks. For a leased vehicle, you’ll forgo a large down payment and have to pay a refundable deposit for security purposes. You’ll be charged for taxes and the first month’s payment. Overall, the savings you’ll need to drive off the lot in your car will be smaller when you lease.
Should the Monthly Payments be Low?
If you have a limited amount of money each month for payments, you should put leasing ahead of buying. With a loan payment, you’re making a monthly deposit on the entire cost of the vehicle. It’s much like having a car on layaway. At the end, the car will belong to you. In terms of nyc car leasing, you’re paying a minimal fee for the use of the car plus some costs for depreciation.
Do You Want to Customize Your Car?
When you don’t own the car, you’re not able to make changes to the car that will change the look of it. On the other hand, you can make changes that can be changed back before returning the car. If you wanted to add new tires and rims, you would only need to replace the original tires when you returned the vehicle. Changes that are permanent are not permitted.
Will You Have Money for a Good Maintenance Routine?
As a car ages, it requires more maintenance and repairs especially if the car wasn’t maintained properly at the beginning of your ownership. It can seem as if between maintenance and repairs there is money to be spent monthly on the car. As a car owner, it will fall upon you to find the money for a car maintenance routine as well as needed repairs. For a leased car, you’ll only need to bring it in to the shop for the company to care for the vehicle. They have a vested interest in keeping the car in the best condition possible.
Do You Drive Your Car for Business?
If you drive your car as part of your business, you can deduct some of the leasing and finance costs on your taxes. Car loan interest can’t be deducted when you file your taxes at the end of the year. The IRS has guides that will walk a business owner through the process of deducting depreciation for the leased car based on the percent of business use the car has.
In the end, it’s a personal decision based on your finances and purpose for having the car. NYC car leases are a great way to save money on a new car down payment as well as the monthly payments due.
NYC Car Leasing Company
Making good financial decisions is a goal for everyone, but it’s not always as easy as it seems when you’re in the middle of making one in your own life. When it’s time to buy a new car, you probably wonder whether it’s a better idea to lease or buy. There are those who say leasing is not a good idea because you never own your car, you always have a payment, and it’s a waste of money for what is nothing more than a long-term rental. There are also those who say leasing is the best thing they ever did, and it worked out for them in a much more affordable manner thanks to the many perks leasing has to offer.
– Do you like to drive new cars?
– Do you ever pay off cars you purchase and drive them for many years after?
– Do you trade in your car every few years for a new one before it’s paid off in full?
These questions are easy to answer, and they provide you with a good idea of what’s right for you. Most people like to drive new cars, but few people really keep their car long enough to pay it off and continue to drive it. If you trade in your current vehicle every few years for a new one, you’re wasting money each time. The simple fact is most cars are not worth what you owe when you turn them in. This means dealers do some math to figure out how they can make it seem they’re offering you what you owe or close to it, and then they hide the excess in the price of a new car. You’re driving off the lot in a new car with a new payment that might have just a bit of your old car put into it.
That’s not at all cost-effective. Unless you drive more than 15,000 miles per year, you’re going to want to see what leasing has to offer. Long-distance drivers can’t stay within the mileage allotted during a lease, so it’s not an option for them.
Monthly Payments are Lower
You can buy a Honda for $400 per month and spend the next five or six years paying for it, or you can lease a BMW for two or three years for $299 per month. The choice is yours, and it’s a much easier choice than you imagine. You’re not paying the full price of the car to lease, so you get a big break on monthly payments. You’re just paying the car’s depreciation while it’s in your hands.
You Get Better Options
Luxury cars aren’t necessarily better cars if you prefer to drive standard vehicles, but you do have a better selection of cars and options when you lease. Low monthly payments on more expensive vehicles makes it much easier for you to drive a car that you really love rather than one you like and can afford. More vehicles are affordable when you lease.
No Major Repairs
Cars are typically leased for three years or less, which means you always have the warranties. This means no major repairs the vehicle needs fall under your responsibility to pay. You can use the warranty to pay for them, but you probably won’t find any major work needs to be done. Your car will never be old enough to go through the major issues many older cars face more often.
You Drive A New Car
The biggest benefit of leasing is always driving a new car. You’re going to get one at the end of each lease, and it’s a stress-free shopping trip. Leases are done when they’re done. You have no financial obligation unless you exceed your contracted mileage or cause damage to the vehicle. You turn in your lease when it’s up, choose a new car, and you never worry there are fees or overages or other charges remaining on your old car that must go into the financing aspect of your new car.
This also means you’re eliminating the need to negotiate a trade, which is always a nice option. It’s stressful to make deals for trades and new cars, and it takes a toll. With a lease, this is no longer an issue.
If you love change, you love a new car, and you want the security of never driving an old vehicle, you should go for a lease. It’s the perfect answer for those who want to drive something they really love for a much lower price, and it’s a car without a commitment that lasts too long for your comfort. It might not work for everyone who drives, but leasing is a viable option for many drivers who’ve never considered it in the past.
- NYC BMW Lease Deals
- NYC KIA Lease Deals
- NYC Ford Lease Deals
- NYC Mazda Lease Deals
- NYC Honda Car Leases
- NYC Toyota Lease Deals
- NYC Acura Lease Deals
- NYC Infiniti Lease Deals
- NYC Land Rover Lease Deals
- NYC Porsche Lease Deals
- NYC Lexus Lease Deals
- NYC Mercedes Lease Deals