Bringing a new car into the household is one of the most exciting times for any family. Leasing is especially beneficial to growing families because there is always need for excess cash flow for unexpected emergencies or unforeseen necessities. Having extra cash on hand left over is essential for growing families due to their unpredictable nature. Say for example, a child wants to learn to play a musical instrument. Lessons will cost money. If you’re stuck in a lengthy financing arrangement on a car you’ve purchased, it can be hard to find extra cash at the end of the month. Leasing solves this problem.
If you have great credit and don’t drive a lot of miles during the year, leasing should perhaps be considered before rushing out to buy a car that doesn’t live up to your standards.
Why should you lease a car?
Everyone has a different financial situation. Families especially will have additional financial burdens that might make it a bad idea to buy and get stuck with high monthly payments. If you need extra cash every month, leasing is the ideal way to free up that cash.
Personal style reasons
Everyone wants to drive a great looking car with a solid name brand behind it. Not everyone can afford to do so, if they only look at the option of buying. That’s why you should look into leasing a great car like this. If you demand nothing but the best cars to shuttle your family around in, leasing is a great way to do it without cleaning out your life savings and monthly excess cash flow over the next decade.
If you’re not a big driver, leasing is a great option. This is because they will have a set number of miles you’re allowed to drive per year. If you go over this mileage, you pay steep fines. If you DON’T, though, you’re looking at incredible savings by leasing, not just because of a lower monthly payment but also because you will save money on gas due to the mileage restriction. If you have a tough time sticking to your gas budget, leasing is yet another way to make yourself stick to it.
Love driving a new car frequently but can’t afford to buy one often? Leasing is your answer. Your lease typically goes two or three years and then you’re free of it. You can then lease another car that meets your changing expectations. This is a terrific advantage of leasing and is one reason you might choose to lease instead of buy. Do you get stressed out a lot because you dread car repairs? Leasing is a wonderful way to fight off that stress. When you lease, a car is generally under warranty and that means when repairs fly your way, they’re covered by warranty.
Deciding whether or not to lease
It can be difficult to make this decision. Don’t feel bad for wavering back and forth for awhile and considering the options. Credit can really affect your ability to lease due to the stricter credit requirements for leasing. If you have bad credit, you might want to look into financing instead in order to buy. Another reason you might shy away from leasing is because you enjoy modifying your cars, painting them different colors or adding spoilers or your own personal touches to the car. People who lease won’t be able to do this because at the end of the day, the car isn’t going to belong to you.
There’s a great “no strings attached” feeling to leasing. You’re able to get behind the wheel of a luxury automobile you couldn’t otherwise afford and drive this car for a set period of time with the idea that at the end of the day, you hand it back free of it and free to move onto other options. Realistically, most people choose to buy eventually but leasing has enough financial benefits in the short-term that people should always consider it a solid option.
If you’ve got great credit, love to experiment with driving different cars, and want only the best for your family, then leasing will please you from beginning to the end of the lease. Far too many people overlook the option to lease in the beginning and simply settle for a car that isn’t what they really wanted. This is always a shame to see a customer struggling to keep up with high monthly payments on a purchased car when they simply could have leased and saved up enough money to buy a much better car, all the while driving an excellent car while saving. This is the kind of freedom that leasing gives you.