The majority of us need a reliable vehicle to get back and forth to work, daily functions and activities. If you don’t have a car just yet, you essentially have two options available to you: buying or leasing. Most people opt to purchase a car outright and then get tied down to ridiculously high payments on a vehicle for years to come, and not enough people see the true benefits of leasing the car of their dreams.
What Does Leasing Involve?
Leasing a car is essentially like renting an apartment. It’s your own vehicle for the time you lease it, but you’re not tied down to it like a homeowner would be to their house. If you choose two years from now that you’d like a new vehicle, you can lease a different option. You will often have to sign a contract that states how long you’ll have the lease and any fine print involved with it. Everyone’s situation is different when it comes to having a car of their own, but a lot of individuals are realizing that leasing is the way to go because of all the advantages that come along with it.
Benefits of Leasing a Vehicle
There are a myriad of benefits that come when you make the decision to lease. One of the biggest advantages is that you don’t have to worry about putting a down payment onto a car you’re looking to buy. Even if you’re able to get a loan for the car in question, you may still be required to put a hefty down payment just to take your recently purchased vehicle off the lot. For people who don’t have the money for a large down payment, leasing is a viable and more affordable option. Even if the lease does require a down payment, it is much less substantial than if you were to purchase the car.
Leasing also allows you to drive a nicer and better car for less money. When you go onto a car lot to look at those beautiful vehicles you’ve always wanted to drive, one of the first things that will hit you will be the hefty price tag. These cars cost tens upon tens of thousands of dollars, making it almost impossible for you to afford something that is even slightly out of your budget range. With leasing, you get to choose any car that you want and your monthly payments will only increase slightly with each vehicle you decide to contract.
Repair costs are the downfall for many a car owner. With leasing, you’re often under the car manufacturer’s factory warranty as well as the leasing company’s warranty. This means that if something breaks down in or on the vehicle, you may not necessarily be responsible for the expensive repair costs at your local mechanic’s office.
Leasing allows you to transition from one car to another every two or three years, depending on the term of your contract. Instead of driving around in an older car hoping that you’ll one day be able to buy a new one, leasing allows you to do this and never have to worry that you’re driving an older and unreliable vehicle. You may also pay less sales tax on a lease because you’re not making a huge purchase on a brand new car.
Why Choose Leasing Over Buying
As you can clearly see, there are tons of benefits to leasing over buying. If you would be paying loan payments on a newly purchased car anyway, you might want to consider leasing so that you’re not tied to any one vehicle for years to come. It’s important that you do your research before making the decision to lease so that you know you’re choosing the right company. Leasing a car is easy because you just choose the vehicle that you want, any add-ons for the lease and sign the contract involved. In most cases, your credit score will need to be checked to ensure that you’re a viable candidate for the contract itself. Once signed, you’ll be driving your own vehicle wherever you want to go and can trade it in for something new once the lease is up.