If you are thinking about getting a new car, the idea of leasing might have never crossed your mind. After all, many people just buy cars without even really thinking about it. It’s true that buying can be the best option for some drivers, but this is not the case for all. In fact, you might be surprised by the many benefits of leasing. Once you look into it a little more, you might find that it’s actually the perfect option for acquiring the car that you need.
Reasons to Consider Leasing a Car
Before you assume that buying is going to be your best option, consider these reasons why it can be beneficial to choose leasing instead:
- Finances – First of all, there are financial benefits to leasing a car. For one thing, you can enjoy much lower monthly payments, which can be easier on your monthly budget if you’re trying to keep costs low. Additionally, you will not have to come up with a large down payment as you might have to do if you were financing a car to purchase.
- Less Frustration – Another good thing about leasing a car is that you do not have to go through all of the hassle that goes along with ownership. If repairs are needed, the warranty coverage should pay for it. Plus, since leased cars are usually new cars, there are generally fewer necessary repairs for you to even worry about anyway. Also, you do not have to worry about eventually having to sell the car.
- More Enjoyment – You might find that you enjoy driving a leased car more because you can lease a more expensive, higher-end vehicle than you might be able to afford if you were actually purchasing it. Additionally, instead of having to drive the car for several years in order to get your money’s worth out of the deal, you can swap out the car at the end of the lease term and drive something brand new again. For someone who likes driving really nice, expensive cars but who might be on a bit of a budget, it can be a wonderful option.
The Cons of Leasing
As you might have seen above, leasing a car does have plenty of benefits when compared to buying one. However, as with anything, there are some disadvantages. These are some of the cons of leasing:
- Lack of Ownership – Some people do not like the idea of making a monthly payment on a car that will never belong to them, even if the payments are more affordable than the payments on a financed car. If you want to eventually own the vehicle, leasing is probably not for you, even though you are often given the option to buy the car after the lease term if you want to.
- Restrictions – You do have some restrictions when driving a leased car. For example, you will typically only be able to drive the car a certain amount each month. If you go over the mileage that is in your contract, you will generally have to pay a per-mile fee for each mile that you go over.
As you can probably see, leasing is not for every driver. However, it can be a fantastic option, so it might just be something that you will want to do your research about. If you do, you might find that you are happier with the idea of leasing than actually buying a car.