The question of whether to lease or buy a vehicle is one that almost every person in the market for a new car contemplates. There is a lot of misinformation out there on the subject of car leasing. This is why we are going to go over the major advantages that you will get when you opt for leasing a vehicle over buying one.
- No Repair Costs
There’s nothing worse than paying monthly for your vehicle and paying an added cost of repairs when things go wrong. When you lease a vehicle. You don’t have to worry about repair costs as the car is typically still under the factory warranty. In addition, the vehicle you are leasing is newer so you can expect to have fewer problems than you would with a car that is five or ten years old.
- Lower Monthly Payment
When you opt for leasing a vehicle, you will receive a lower monthly payment than if you were to buy the car. These lower payments can put higher-end vehicles within reach as compared to trying to buy one of those higher-end vehicles through financing. This opens up your options as far as choosing the type of vehicle that you want to drive.
- Always Drive A Newer Car
Leased vehicles are new vehicles. This means that you will always be able to drive a newer vehicle when you opt for leasing over buying. That new car smell can be yours every few years and you’ll never have to worry about driving an older car again.
- Have The Newest Safety Features And Technology
When you drive a new vehicle, you get access to all the newest safety features and technology on the market. This leaves you leading the pack when it comes to keeping yourself and your passengers safe on the road. Plus, you can take advantage of all those new car features, like park assist and others.
- Business Tax Deductions
When you lease a vehicle for business use you can deduct a portion of the car’s annual depreciation on your business’ taxes. This is a major advantage over buying a vehicle as you cannot deduct the interest fees associated with an auto loan.
- No Buying Or Selling Hassle
Your lease agreement clearly states what you will owe each month for your payment. You will only be locked into that rate for the term of the lease. At the end of the lease, you simply return the vehicle and are free from any future expenses for that vehicle. You will always have the option to buy the vehicle at the end of the lease as well. This price is determined at the start of the lease so you can decide if the value of the vehicle at the end of the lease is worth the remaining amount owed on it.
You can simply go out and lease another vehicle with a different monthly payment without the hassle of worrying what to do with your old car. When you buy a vehicle you will have the hassle of selling it or trading it in. When you sell a car it can take some time. When you trade in a car, the dealership is going to give you less than what the car is worth. When you lease, you don’t have to worry about any of this hassle.
As you can see, there are many advantages to leasing that simply aren’t feasible when you buy a vehicle. Leasing has made a huge splash in the car industry over the last decade and now you know why. Next time you need a new vehicle, why don’t you lease?