If you love to drive new cars and you’d love to drive the car of your dreams, you might consider the leasing process. For several reasons, leasing is something that comes with a long list of misunderstanding. Some people don’t understand how it works, and they don’t think it’s for them. Until you’ve researched the leasing process and what it means in your life, don’t discount it as an option for you and your family. It might help you afford the car you’ve been eyeing, the car you need, and it might help you save a little money and keep your bank account bigger than your car budget.
The benefits of leasing far outweigh the cons. There’s one con that comes to mind when you consider a lease option, and it’s a big one. It’s the con that ties into driving habits and mileage. It’s not the right option for anyone who drives a lot. If your commute is long and puts many miles on your car, you shouldn’t lease. There is a fee for every mile you go over your allotted mileage, and it’s expensive. It’s around $1 for every 5 miles you drive over the limit. The limit is standard at 12,000 miles each year, but it can be raised a bit to accommodate your needs if you want to pay a little more each month. If you put excessive miles on your car, leasing is not for you.
That’s the biggest and only downfall for most people, and that means you should familiarize yourself with all the pros associated with the leasing process. More people are doing it now than ever before, and it means there is a chance you might just save a lot of money while still driving a car you previously considered too expensive.
You Get to Drive Cars You Never Thought Possible
Do you have Mercedes taste on a Ford budget? It happens all the time, and many people buy the Ford and assume they’ll never afford the more expensive vehicle. When you buy a luxury car with a lease, you can afford it. You’re not paying the full price of the car. You’re paying the fee from depreciation, which is what you break down over the course of your monthly payments. This method might just make your Mercedes cheaper each month than a Ford if you were to buy a Ford. Leasing brings dreams to life by allowing them to easily meet your budget.
You Get to Drive for Less
Not only do you pay less for a lease, you also pay less for all the fees. Sales tax often adds thousands of dollars to the cost of a new vehicle, but that fee is reduced drastically when you lease. You’re only paying sales tax on depreciation, which is a savings of thousands. You also don’t need a down payment. Some dealers might want one that’s relatively small, but it’s going to be less than $1,000 for most leases. That’s a lot less than another dealer might want to purchase a car that’s a lot cheaper if you buy outright.
You Always Have Protection
When you drive a car with a warranty, you feel safer and more comfortable. When your car has a lease agreement, you get to drive it with confidence since your lease is shorter than the length of your warranty. If the car has issues, it’s paid for by the warranty. You never drive without one, which means you’ll never pay for expensive repairs like someone who does own their car.
You Always Drive New Cars
Cars change so much in a year or two. Imagine driving your dream car now only to find out it’s been completely redesigned in two years and yours is old and nowhere near as attractive anymore. The good news with a lease is that you get a new car in a few months. You aren’t stuck with a car that doesn’t have much value thanks to the change, so you won’t worry about your new car. You get one when the lease is up, and you don’t worry about trades or value.