Do you have questions about leasing a car? You’re not alone. Most drivers choose to buy rather than lease, so the process is not very familiar to most drivers here in the U.S. However, it is important to understand how leasing works to determine if you could benefit from leasing a car.
Your choice to lease rather than buy depends on a few factors, like whether you prefer newer cars or enjoy the flexibility of changing your vehicle every few years. If you’re considering leasing, read on to learn about all the benefits it can bring.
When you lease a car, you agree to drive it for a set period of time and stay under a designated mileage limit. For those who drive a lot, this is not always feasible. But if you use your car infrequently or drive less than 30 miles a day, leasing a car might be perfect for you.
Many drivers who lease their vehicle do it because they enjoy the convenience. Leasing a car gives you the freedom to upgrade or switch cars every few years, maybe even less. In fact, it is often far easier to trade in your lease compared to trading in a car you own, because leased vehicles tend to be newer and therefore carry less risk as well as the latest safety features.
Speaking of new vehicles, is image important to you? If your vehicle plays a role in how you present yourself to potential clients, leasing a new car is one way to get a high-end car more affordably. This is common among drivers who are in sales, real estate or entertainment-based jobs.
Aside from image, leasing a new car brings peace of mind in knowing it is less likely to have issues or need repairs. Additionally, the lease can even include oil changes and scheduled maintenance free of charge.
Lease terms are usually short – generally 2 to 4 years – which means you may not need to make some costly repairs as you would when you own a vehicle long-term.
Leasing a car may also turn out to be less expensive than buying one. Avoiding maintenance fees saves you some change here and there, but you could also have a lower monthly payment due to the shorter term. And, if you make a down payment, you could lower it even more. Also, if you are a business owner, you may get tax advantages with your lease.