Leasing your new car is the better choice. It’s time to understand how it trumps buying, and why it’s changed so much in the past few years. In the past, people considered leasing a more expensive and less beneficial option, but that’s changed significantly in the past few years. People are no longer viewing car ownership as impressive. No one wants to drive their car forever until it’s no longer in working condition. People aren’t keeping cars long enough to pay them off, and fewer people know what it’s like to live free of car payments.
Cars are also becoming a lot smarter, and consumers are doing the same. It’s easier to drive a new car with all the latest technology, because it’s what makes driving safer and more convenient. Drivers now need more than ever out of a car, which is why most people keep their cars only a few years before trading them in for newer, more efficient vehicles. Whether consumers want a car with better gas mileage, one with a more complex entertainment system for their kids, one with more features or safety precautions, or just one that’s cooler than what they have now, they want new cars more often than ever. That’s why leasing has become the better option.
Leasing is More Affordable
Leasing is cheaper than buying, and it’s a simple fact. It’s not uncommon to find a consumer who drives a full-size Toyota sedan purchased slightly used who is paying more every month for their used vehicle than a consumer with a brand-new BMW SUV. Leasing is cheaper, because you’re not paying for an entire car. You’re paying for a very small portion of the car. What your car depreciates in the amount of time you drive it is what you pay to lease the car. This is what makes it more affordable, and it’s a huge benefit.
Leasing Means Driving Nicer Cars
While there’s certainly nothing wrong with driving a Toyota or a Ford or a Kia, most people consider a luxury car such as a Lexus or Lincoln or a BMW a much nicer vehicle. When you lease, these cars fall into your price range, which means you can choose from more of what you want and less of what you can afford in terms of buying. Leasing is more fun because you get to drive what you really want to drive.
Leasing Means Driving New Cars
One of the biggest benefits of driving a new car is the warranty. For so many years and so many miles, you get to drive a car that’s covered under warranty. If something happened to it, you’d be able to get it repaired for nothing. When you lease, your car is always new enough to have a warranty. When you buy, that warranty expires long before you own the car outright. With a lease, you’re trading in the car for a new one before the warranty has a chance to expire.
Leasing Means No Trade-In Hassles
How many times have you walked into a car dealer with a vehicle you’ve owned for three years and only have another two to pay? You want a new car because this one is beginning to have small issues, it’s not big enough, or you just want a different car. Now you worry about how much you owe versus how much it’s worth. It’s almost always worth less than you owe. You have to pay the difference with a down payment on your new car, walk away because it’s too much, or you have the choice to roll the excess amount you owe over into a new car. This means you have to buy a new car that’s cheaper to accommodate the amount you rolled over. With leasing, none of this occurs when it’s time to find your new car.
Leasing is the better option for almost everyone. Unless you put more than 15,000 miles on your car annually, it’s the right choice. It’s more affordable, easier, and it causes a lot less anxiety over the life of your financial loan.