If you only keep your cars a long time because you’re upside down on your loans and need to pay them off a bit more before you buy a new car, leasing is the new answer. It’s time to stop paying too much for a car you don’t want just so you lose money when it’s time for a new car. You don’t have to drive a car you don’t love anymore. It’s time to consider the benefits of leasing and how they apply to your life.
You Get New Cars Often
Many people know they should drive their vehicles until they fall apart and are no longer affordable to fix, but it’s not how people drive. Many people enjoy driving a new car every few years, and they are resigned to the fact they’ll always have a car payment. It’s a new way of thinking, and there is nothing wrong with that when it’s in the budget. When you lease a car, there is no reason to worry you can’t get a new one every two or three years. Your current car gets to go back to the dealer without any worries, and there is no need to value a trade or determine how much you still owe. It’s paid for, you’re done with it, and a new car is yours. You can specify how long you like your leases to last, and then you just go get a new car when it’s up.
You Pay Far Less
Leasing a car means you pay only a portion of the price of the car. A new car purchase requires buying the entire car for full price. When you lease, the dealership knows it’s getting the car back in just a few years to sell for what it’s worth. For this reason, they only require you pay the amount of depreciation when you drive off the lot. Whatever the car is expected to lose in value while you’re driving it is all you pay, which means you pay a very small portion of what the car is really worth. This equates to far lower payments, far more affordable fees, and you likely receive complimentary maintenance.
You Have Better Options
Everyone’s idea of better is relative, but you do have more options when you lease. The cars that are outside your budget when you’re buying fall into the realm of your budget when you lease. You can choose from cars you never imagined affording when you lease, and it opens you up to a completely new way of shopping for new vehicles. If you’re looking for a full-size SUV but a minivan is all you can fit in the purchase budget, you’ll be happy to know that full-size SUV fits nicely into the lease budget.
Buying and leasing are two very different things, but they’re also very similar. You’re still financing a car with a monthly payment, but you’re financing a car you’ll never really own. Since most people never really own their purchased cars, it’s not a bad deal. Think about it this way. You can buy a new car and pay payments on it for five years, trade it in after three years, and never own it. It’s just a more expensive way to lease a vehicle since you don’t worry about how much your car is worth as a trade with a lease.