Deciding whether to buy or lease a car can be a difficult decision for many consumers. There are benefits and drawbacks to each approach, and the one you ultimately choose depends on your lifestyle and financial situation.
If you enjoy driving a newer vehicle every two or three years, then leasing may make more sense for you. The advantage of leasing is you get to enjoy the newest features manufacturers have to offer; this includes the latest entertainment options, safety technology, and performance offerings. When you buy a car, you enjoy these things too, but for a much longer period. With leasing agreements, you’ll be guaranteed the latest technology and gizmos on the market.
When you lease a vehicle, you’ll pay less upfront in down payments and initial fees. It’s also cheaper in the short term. When you enter a lease agreement, you’re essentially paying for the first three years of vehicle depreciation with your monthly payments. Monthly lease payments are generally less expensive than financing a purchased vehicle.
Leasing also lets you drive a higher-end vehicle model for a lower rate than if you had bought the car outright. This means you can enjoy more luxury, more options and enjoy a nicer vehicle overall.
One of the best things about leasing a car is the included warranty that comes with the vehicle to cover things like routine scheduled maintenance as well as major repairs if anything should go wrong while you’re driving it. Whereas with buying a car, you’re very limited with what the included warranty will cover, especially in terms of time frames and mileage. With a lease, you don’t have to worry about that because the warranty is for the duration of the lease term.
If a large part of your job is catering to business clients and taking them out for dinner or other outings, then leasing a car may make sense for you. You can typically write off expenses associated with the car at the end of the year on your taxes because it was used for business purposes.
Drive Less Often
If you drive less often than the typical American, such as if you work at home or your commute to work is very short, then leasing may make sense for you because you wouldn’t have trouble staying within the annual mileage limits outlined in many lease contracts.
No Haggling at the Dealership
When you lease a car, the price they provide for the contract is what you’ll pay. There are no negotiations involved, and the whole process is very straightforward. With a purchase, there’s much more back and forth communication and haggling over the sale price, but you won’t experience that with a lease contract.
Leasing a vehicle is an excellent option for those with a particular lifestyle. If you don’t drive that often, enjoy the experience of driving a luxury model car, you entertain business clients frequently, and enjoy the financial benefits associated with leasing, then entering a lease term versus buying may make more sense for you. Give us a call today to test drive one of several lease vehicles we have available and discover which car suits all your driving wants and needs.