If you’ve never leased a car before, it’s probably safe to assume you are confused about all it entails. It’s not uncommon for consumers to fail to properly understand the concept. For many years, it was something you could only do if you wanted a luxury car. It was assumed only the wealthiest of buyers could afford to lease a car, and it was assumed it was an exclusive club of people who did that. Now it’s more widely accepted to lease any vehicle, not just a luxury vehicle as it was in the past. With the ease of leasing now available to just about anyone, it’s time to learn how it might benefit you.
You Have More Options
One of the biggest benefits of leasing a vehicle is you have more options. You didn’t have that in the past, but now you have a long list of vehicles you can choose from. What you can afford in the purchase department is just one of many cars you can afford in the lease department. Since you are not paying for the vehicle in full, you don’t have to pay so much to make it your own. You pay a small percent of the total price of the car, which means much lower monthly payments are an option. This is the best way to afford a vehicle you never thought would fit into your budget.
You Always Have A New Car
Driving a new car is exciting, and it gets to happen to you all the time when you have a lease. The approximate amount of time to contract a lease is two years. It might be a few months shorter or a little longer, but this is the median timeframe in which people lease vehicles. As long as you lease, you’ll never drive a car that’s more than two years of age. Each time your lease is up, you get to go out and lease a new car. It means upgrading to a larger car, downgrading to a smaller car, deciding it’s time to drive that convertible, and making different choices as you shop.
You Never Pay for Problems
As it stands, most new cars don’t experience any issues. It’s older cars that begin to break down, fall apart, and require repairs. When you drive a new car, you won’t spend time in the shop waiting on repairs. If you do have to take the car in for any service or maintenance, you are going to be covered under warranty. You get to lease a new car every two years to stay relevant on the road, but you also get to renew that warranty every two years. Your car issues are never your own.
Driving a lease is beneficial to almost every driver. The only real downfall occurs when you drive many miles. It’s a better option for drivers who don’t, because leases don’t allow for too many miles each year. Most leases only allow you to drive 12,000 miles per year, which is easy to do if you drive far. It breaks down to about 1,000 miles per month, which is about 33 miles per day. If you regularly drive more than this, you don’t want a lease. It’ll cost you a lot more in the long run when you pay for your overage miles. Otherwise, leases are the best option for drivers who don’t have far to go.