There are many misconceptions about leased vehicles, but that’s all they are. The lease process is more popular than ever, and it’s for a very good reason in Long Island. So many people choose to take public transportation and walk where they want to go, and it leaves them with the ability to drive fewer miles and worry less about overage fees. Ask almost anyone the biggest downfall of leasing and they’ll agree it’s the mileage. If you go over, you pay per mile.
For Long Island residents, however, this is not a problem. Most never come anywhere close to even meeting the miles they’re allowed each year, and leasing has become a very welcoming option. When you lease a car, you get to drive something new, you get a lower price, and you usually get to drive something a lot nicer. Long Island residents are fortunate in that there are numerous lease options, low rates, and deals available in the area since people don’t drive much and dealerships want them to come in and leave with a new car.
Drive What You Want
Few things are more upsetting than going into a car dealership to find out they can’t go home in the car they want to drive. It’s frustrating to want something so badly only to find out the price you have to pay is much more than you can afford. When you lease a car, however, that’s not usually a problem. You can lease a much nicer car than you can afford to buy, and for a lot less.
It seems a little out of this world to imagine you can leave a Long Island car dealership in a BMW SUV for less than you’d pay to purchase a Honda sedan, but that’s how leasing works. The cars that hold their value are the ones you can afford to lease. Leasing doesn’t require you pay the full price of a vehicle. You pay nothing more than just the depreciation over the time you own the car.
Depreciation is the value the car loses when it’s driven off the lot. Since vehicles are almost always a bad investment according to financial professionals, it makes sense to lease one and pay the depreciation rather than the full price. You’ll end up with a much nicer car at a much lower price.
Fewer Out-of-Pocket Expenses
Leasing a vehicle allows you to spend more time enjoying your money than watching it go toward your vehicle. Your leased vehicle is less costly in terms of fees, and that’s because you’re not paying nearly as much sales tax or maintenance fees.
Many Long Island dealers include the cost of basic maintenance in their vehicle prices. This is so you will come in and have your oil changed, tires rotated, and small items repaired when needed. This helps the value of the car remain intact so they can sell it for more when your lease is up.
When you drive a lease, you always drive a car with a warranty. Since the car is so new you probably won’t experience any of the issues many cars have when they get a little older. You’ll turn it in and drive off with a new lease before that ever happens, but you don’t worry that you’ll ever pay for major repairs. Your active warranties cover the cost of all these things, which means you spend more time and money enjoying life than fixing your vehicle.
New Cars Every Few Years
Leases are fun because you only drive them until you’re tired of them. Most people are tired of their car inside of two or three years, and they want to trade it in and buy a new one at that point. This means you go through the hassle of trading in a car you owe more on than it’s worth, which is a big expense. You might need to come out of pocket to pay the difference when a dealer offers you fair market value, or you might need to roll over the excess into a new car making it more expensive and putting you further upside down.
Driving a lease means you turn it in on the prearranged date, you pick out a new car, and there is no exchange of money or fees. You pay what you pay, and there’s not one surprise charge. You go home with an exciting brand-new car, and you get to drive one every two or three years.
Driving a lease is more fun and more affordable than ever, especially in a city such as Long Island where it’s all but impossible to exceed your mileage. Now is the time to focus on saving more money while still getting precisely what you want out of your new car.