Many people avoid leasing because of mileage restrictions, but it’s a good idea to restrict yourself when you buy. When you lease, you pay a per mile fee for each mile that exceeds your allotment. When you buy, you don’t pay a fee when you put too many miles on the car. You do, however, find that it’s more difficult to sell it for what it’s worth or trade it in for what you owe or at least close to what you owe. You might not pay out of pocket for it, but you still pay for the excess miles you put on your car each year. Unless you’re driving tens of thousands of miles each year, leasing is the affordable choice for most buyers. The benefits are significant.
Leasing is More Affordable
A lease payment is a lot less than the payment you make when you buy a car. Lease payments are not calculated based on the asking price of a vehicle. They are calculated based on the depreciation of the vehicle. When you drive a car off a lot, the value decreases thousands of dollars. Dealerships calculate how much value a car loses when it’s been driven for a lease period, and that’s what the buyer pays. It means smaller payments for a shorter time.
Leasing Means Driving Dream Cars
You aren’t required to choose an expensive car when you lease, but you can afford one if you want. Leasing opens up the door to more luxurious and more expensive cars for buyers. You’re no longer required to purchase a less expensive car because the lease payment on a more expensive vehicle is affordable. You can drive whatever you want, which is one of the biggest draws of leasing.
Leasing Means Driving New Cars
One substantial benefit of driving a leased car is the new car aspect. Not only do you get to drive off the lot in a never-before-driven car, you also get to take home a new one every two or three years. If you are a family of six in need of a full-size SUV, you might find you have to buy a used one that’s two or three model years old to afford the payments. If you lease the same SUV brand-new, you get to drive it home for the same price or lower than buying a used one. You get a new car all the time, and you never worry about things like your warranty expiring, your trade-in not being worth what you owe on the car, and you always know your payments are affordable.
Leasing is not the same thing you think it is. It’s been given a certain reputation for a long time because the general rule of thumb is you drive your car until you pay it off and keep driving it after. People today are not worried about always making a car payment, and they like the idea of always driving new cars. It’s what makes leasing so interesting and appealing to so many drivers, and all you need to know is the real benefit of what leasing has to offer. In this case, it’s more affordable, savvier, and it’s more fun.