Consumers are introduced to both the buying and the leasing process when they search for a new car. Perhaps you’re familiar with one or both, but you probably still have misconceptions regarding the leasing process. It’s not new, but it’s one that’s growing in popularity more now than ever. In the past, many consumers assumed leasing was only for those who work in a corporate setting and drive a company car. You might also assume it’s just for those who drive luxury cars and want a new one every year or two. Both are correct, but that’s not all leasing is about.
Leasing is a form of car shopping that allows consumers more choices, more of what they want, and it’s a chance to spend less money on a vehicle than buying. The one thing that’s true about leasing you probably already assume is the mileage can be a problem for some buyers. Consumers do have a chance to negotiate the annual mileage on their leases, but it can be low for those who drive long distances regularly. The average mileage allowance is 12,000 miles per year. If you drive significantly more than this, leasing is not an option. For everyone else, it’s the best option.
The Benefits of Leasing
– Lower monthly payments
– Fewer fees
– No warranty expirations
– New cars every few years
– No repair fees
– More options
With a lease, you have options. You get to pay less, drive new cars more often, and spend more time enjoying things you want out of a new car. Before you make the decision to buy, get to know what you are missing out on with a lease if you forgo the opportunity.
Monthly payments for leases are a lot lower than purchases because you’re not paying for an entire car. You pay just what a car depreciates when it drives off the lot. This means choosing to drive a car that holds its value well is a better option than choosing a car that doesn’t. It comes down to driving a better car for less money.
Fees are a killer when it comes to buying a new car. Dealer fees, sales tax, and other fees add up very quickly. When you lease, you pay a fraction of the typical sales tax since you’re only paying a fraction of the price for the car. You have no other fees to pay. It’s a much more affordable way to drive.
New Cars and Warranties
When you drive a lease, you get a new car every two to three years as determined in your lease agreement. This means you always have a new car in your garage with a warranty. This also means you’re not paying for any repairs or maintenance on your car. Your car is not yours long enough for the warranty to expire, which means you benefit substantially from driving a lease.
Better and More Options
This might be the best thing about driving a lease outside of the low payments and the savings. When you buy a car, you have to buy one in a certain price range to keep the monthly payment inside your budget. When you lease a car, you aren’t paying for an entire car. This leaves you with more options. You can finally drive that luxury car you’ve always wanted. You aren’t limited to just driving an economy car or one that doesn’t cost much brand-new. You can drive almost anything you want for less than you can buy a car for, and that means you have all kinds of choices in terms of size and luxury.
Leasing is no longer something that’s reserved for specific people. Every dealership offers it, every car can be leased, and you have more options than ever before. If you want to drive an inexpensive car for far less than you’d pay for it, lease it. If you want to drive a brand-new luxury car for the same amount of money you’d pay to purchase an average car brand-new, you can do it. Leasing provides buyers with options they never had when they were financing a car the old-fashioned way.