Statistics state nearly 30% of cars on the road in cities such as Charlotte are leased vehicles, which shows just how popular leasing has become over the past few years. It’s no longer something people do only because they feel they haven’t a choice. It’s something people do because it suddenly fits in more appropriately with their lives. While many people in rural areas of North Carolina spend a great deal of time driving long distances between rural communities, the people in Charlotte don’t have that problem.
There is a lot of walkability. There is a lot of transportation other than driving your own vehicle, and fewer drivers fear they’ll exceed the mileage allowed when they lease a new vehicle. It’s almost a new way of driving for many residents in Charlotte, and it’s not just because the low rates and great lease deals local car dealerships offer. It has everything to do with the changing course of life and how people choose to live their lives.
Why Lease in Charlotte?
The lease game has changes substantially over the past few decades. It’s not something people associate only with businesses trying to provide their employees with company vehicles. It’s now something people choose to do because it complements their lifestyle.
– It’s more affordable
– Leasing means driving new cars
– There’s no upside-down trade-in issues
– Leasing means driving cars with warranties
– There are fewer fees
Leasing has changed in that it’s more affordable to do it than it is to buy a car. Think of it this way. When you buy a brand-new Mercedes Benz sedan, you’re paying the full $50,000 price tag over the course of the five years you finance the vehicle. When you lease one, you’re paying only the cost of the vehicle’s depreciation. That same depreciation is what makes you upside down on payments when you drive off a dealership lot.
When you buy a car, depreciation makes it impossible to sell or trade in your vehicle for years. If your new Mercedes depreciations $12,000 the moment you drive it off the lot, you’re driving a car worth $38,000 and paying $50,000 for it. When you lease, you’re paying $12,000 over the course of two or three years and turning in a vehicle you owe nothing on so you can pick out a new car.
This is why it’s so much more affordable to drive a lease. The monthly payment is substantially less expensive than the monthly payment on a purchased vehicle. It’s one way to ensure you’re never spending more than you can accord. It’s also a great way to get the car you really want.
If you buy a car, you might be able to afford a brand-new Ford. If you lease a car, you can afford a brand-new BMW. Since more people would rather buy a luxury car than a basic model, they’ll jump at the chance to pay a lot less for a lot more car if it means leasing rather than buying.
When you lease, you always drive a new car. There is never a fear your warranty will run out and you’ll be stuck paying big repair bills when something happens. Since you’ll always have a new car, chances of anything major ever happening are slim to none. This is how you pay fewer fees to drive a much nicer car.
The Cons of Driving a Lease
If you live outside of the city limits in Charlotte, there is a chance you might not be able to lease affordably with your commute. The purpose of a lease is to keep the mileage on your car low, which isn’t always feasible when you have a long commute each day. If you drive more than 12,000 miles a year, you can negotiate a higher mileage limit each year. The problem here is you might drive significantly more than that. Leases won’t allow you to drive much more than 20,000 miles per year, and you’re paying a lot of money to allow that kind of mileage on your contract.
If you don’t like having a car payment all the time, leasing is not for you. Before you decide this is your preference, however, ask yourself how long you’ve had a car payment. If you buy a new car and drive it for years after you’ve paid it off, leasing might not be for you. If you always turn it in before the payments are fully made, you have a payment forever.
Leasing is a great way to save money on a luxury car, a large SUV, or even a big truck in Charlotte, but you should understand the pros and cons before agreeing to buy a leased vehicle. If you think you can adhere to the terms and conditions, it’s the right choice. If you can’t, leasing might not be the best option for you.