Times have changed for Bronx residents. Gone are the days families drove the same car for years, parents stuck with the same company their entire career, and people were happy to make the last payment on their car for several years until driving a new car became a necessity. The city is much different today. More people take mass transit. More people stick with jobs only long enough to satisfy any contract requirements, and most people are willing to leave home, offices, and careers at the drop of a hat to find themselves, go back to school, and try a new life path.
Driving is also much different in Bronx. With the abundance of mass transit now available, more people are looking to take the bus, the train, and even your favorite ride-share services in favor of putting miles on their own cars. It’s easier to let someone else drive you through traffic while you work and make the most of your downtime than it is to sit idle in traffic unable to check emails or answer messages. This is why leasing has become so popular in Bronx, and many people are looking to learn more about this beneficial way of driving.
The Pros of Leasing
Leasing is a form of financing. It works a lot like buying a car in the traditional manner. When you lease a car, you must still qualify with good credit for good rates. When you lease, however, you don’t pay full price for a new car. You pay the depreciation on the vehicle. This is what happens when the car is driven off the lot. It loses a substantial amount of its value, and that’s what you pay.
When you drive a new car after purchasing it, you drive a car you owe more than you paid for it within an hour of signing the purchase agreement. It’s an expensive way to drive if you trade in your car every few years for a new one. You’re almost always upside down, which means you owe more than it’s worth. This makes trading your car in more challenging, and it makes for a precarious financial situation for most drivers.
When you lease a car, you don’t worry about trade-in values or how much your car is worth when you’re done with it. You pay the depreciation, you pay as many months as the agreement states, and you get a new car. You take back the old one and drop it off, and there is little to no fanfare. You only pay if you damaged the car or drove too many miles.
The other pro of leasing is the much lower payment. How would you like to drive a much more luxurious, much more expensive car for a much lower price? It’s how so many people drive luxury cars. If it’s out of the budget when you’re purchasing a new car, it’s likely well within the budget when you lease. Since you’re not paying the full price, you’re getting a sweet deal on a new car.
The best part of driving a lease is you’re always driving a new car. Most leases last anywhere from a year to three years, which means you get a new car every time your lease is up. This is fun, and it’s good for your mindset. You never worry about running out of warranty or paying for costly repairs if something happens within the warranty. It’s a great way to drive.
The Cons of Leasing
If you’re not sure how you feel, you might want to consider the very short con list in addition to the long list of pros. The cons are mileage related. If you drive more than the mileage you chose in the contract, you’ll pay a fee per mile. It can be expensive if you’re too far over.
The other con is you cannot trade in your car before the lease is up. The good news is most leases are so short you needn’t worry about this. You get a new car in a year or two, and there is no reason to worry you can’t get a new one when you’re done with this one.
Driving a lease is a lot different than it was in the past. So many Bronx residents spend more time walking and taking public transportation to worry about putting too many miles on their cars, and that’s a huge benefit. Other people get to drive a car they might never be able to afford otherwise. All this adds up to a much longer list of benefits than downfalls, and there’s nothing wrong with that when you make the decision to lease.