The Long Island leasing market is hot right now, and it’s for good reason. Current interest rates are low, the type of vehicles buyers want are more affordable to lease, and the growing size of families in the area prefer larger vehicles that lease better. What does all this mean? It means Long Island residents are able to lease the vehicle they want at historically low prices that work well within any budget. Right now it’s cheaper than ever to go out and lease a large SUV or foreign sports car because they hold their value. When a vehicle holds its value well, it’s worth more when a lease ends. This makes it more affordable, and interest rates being offered by Long Island dealerships are currently only sweetening the deal.
If you’re interested in a leased vehicle, right now is the time to get in the game. It’s a great season for leasing as many dealerships are rolling out new model year vehicles and deeply discounting brand-new vehicles that are now considered a year old despite having no miles. There are several benefits to the leasing game, and understanding how it might save you money is the first step in understanding how this is going to make your life more affordable.
It’s More Affordable
The number one reason people lease vehicles in Long Island is to afford something a little more luxurious. There are a growing number of families expanding their families with new babies, and that means bigger vehicles are a necessity. It’s not always affordable to go out and purchase a brand-new SUV at full-price, but it’s exceptionally affordable to get one as a lease.
Leased vehicles aren’t full price because you only pay depreciation. Full-size SUVs, for example, are the kind of vehicles that hold their value well, which means they’re cheaper to lease. You can lease a vehicle this size for less than half of what you might pay for it to purchase the vehicle outright, which is why so many people prefer to drive a leased SUV.
It’s More Practical
One thing Long Island residents appreciate is practicality, and driving the same vehicle for a decade simply isn’t practical. People know this, and they also know how difficult and expensive it is to trade in a vehicle when it’s not paid off. With many cars being financed for six, seven, and even eight years, people aren’t coming anywhere near the payoff of any vehicle before they’re ready to trade it in for a newer model with better features, more safety options, and better gas mileage.
With a lease, you get to trade that car in every two or three years. You get to choose the length of your lease, adhere to the terms and conditions of the lease, and you get to turn that vehicle in for nothing. You pay nothing unless you’ve caused excessive wear and tear or exceeded the number of miles allowed on the vehicle. If you’re able to avoid that issue, you’re able to say goodbye to one car and take home a new one without haggling for trade-in values and shopping around for the best purchase price for your current car.
Who doesn’t love to drive a new car every few years? Since many people are practical enough to realize they’ll always have a car payment, it’s made the lease game much more enjoyable for them to get into. People aren’t driving vehicles for decades anymore, and this is a more affordable way to keep driving new cars.
Warranties Offer Peace of Mind
When driving any car, knowing you’re protected with a warranty is all you need to feel more comfortable on the road. Leasing a vehicle for no more than 36-months allows you to keep intact any warranties that come with the vehicle, and you’ll never worry about paying for any of the repairs or issues your car faces. It’s also very unlikely your vehicle will ever face any major issues when you lease. You don’t have it long enough for it to break down over time, and you won’t put enough miles on it to exceed the warranty allotment.
Knowing you’re protected is what drives many people to choose a lease. It’s affordable in case anything ever goes wrong, and it’s more practical for all involved.
Leasing a vehicle in Long Island is more popular than ever with more than 31% of people choosing leased vehicles over a purchase. It’s an easy way to drive a much nicer vehicle for a much smaller price, and it provides you a great deal of peace knowing your vehicle is always covered and protected. You do have the power to spend more time enjoying your vehicle than worrying you’ve paid too much for it, and that’s what makes leasing such a bonus.