Leasing a car in Baltimore is a great way to save money. It’s a big enough city there is plenty of public transportation to use when you commute, and that leaves you with fewer miles to put on your own car. When you discuss leasing with consumers, many believe it’s the mileage that turns them off of leasing a new vehicle. It’s widely believed you can’t drive much at all, but most leases allow you 12,000 miles per year. Some even allow more if you’re willing to pay a bit more. If you don’t drive long distances, leasing is an affordable alternative to buying, and it means you get a lot more for what you pay.
Leasing is Affordable
The best and biggest benefit of leasing is the affordability of it. You get to drive a brand-new car for a much lower price than you do when you buy a new car. The reason is simple. Buying a new car means you pay the full asking price of the car. You can work a few deals and negotiate, but you’re still paying close to full-price for a car that depreciates immediately when you drive it away as the new owner for the first time.
Depreciation occurs with all vehicles. They become far less valuable the moment they’re owned, and most drivers never catch up to that. The $75,000 vehicle you drive off the lot on a Friday is only worth $62,000 when you get it home 10 minutes later on the same day. It’s not something that only occasionally happens, and it makes trading your car in a real financial struggle for most.
When you lease a car, you’re paying for the depreciation each month rather than the price of the car. Paying for the depreciation means you get a much lower payment each month, and you never worry you’re going to end up owing more on a car than it’s worth. You can drive a luxury SUV for less than a compact sedan when you lease, and that’s what makes it so appealing to so many people.
Leasing Is Safe
Leasing a new vehicle means you’re always covered and safe. You never have to worry you won’t be able to pay for any issues the car has. It’s always got a warranty when it’s in your possession. If the engine dies, you’re not responsible for paying for it. It’s covered under your warranty, which means you get to drive away with your pocketbook intact and a brand-new engine all at the same time. It’s a nice bonus.
It’s also safe because you’re not putting yourself in a financial situation you can’t get out of. Unlike buying a new car, you never owe more when you buy a new car after your lease is up. When you have a purchased car to trade in, you might owe more than your car is worth. If you can’t afford to pay the difference, a dealership might roll the excess into a new car. If you are $6,000 upside down on your current car, your new car is now $6,000 more expensive and you’re much further upside down on it than you previously imagined.
Leasing is Fun
Let’s get to the real point of leasing. Sure, it’s more affordable for Baltimore residents, but it’s also more fun. Why not drive the car of your dreams for a much lower price than the car you can afford to buy? That’s the fun part of leasing. You can finally afford to drive the car you really want, and there is no reason to worry the price tag is too high. You get to drive off in a luxury vehicle while paying a lot less than you might pay for an older used car without a luxury logo on the hood. Imagine leaving with that Jaguar convertible you’ve always wanted if you lease. If you buy, you’re leaving in a Honda sedan.
Leasing isn’t for everyone in Baltimore, but it is for those who like to drive fewer miles in a much nicer car. Before you leave the lot with a new leased car, find out what you are required to pay for when you turn your lease in at the end of your term. Excess wear and tear and mileage fees are common if you’re not careful, which is why you must know precisely what you’re getting into before you lease a new vehicle.
Once you make the decision to lease, you’re getting a new car every few years without the stress of driving off in a car you’re stuck with for the foreseeable future due to the overages and upside payments you’re paying. Now is the time to lease, and it’s time to save money on something you really want.