Living in Phoenix is lovely. The mild weather, the beautiful sunsets, and the lovely outdoor living makes it a paradise for those who really enjoy life. It’s only a bonus that public transportation is becoming increasingly popular and the walkability of the area is growing rapidly. Living in Phoenix is great for your overall health with all the outdoor activity and the sheer number of activities you get to enjoy, and many people are taking the opportunity to really live their best life here.
Another benefit of living in Phoenix is your ability to lease a car and save a substantial amount of money on your vehicle budget. Since there’s so much public transportation available here now that wasn’t here in the past, you’re not going to view leasing the same way today you did a decade ago. There is no longer an issue with mileage and leasing in Phoenix when you can split your travel between public transportation, walking, and your new car.
The Pros of Leasing in Phoenix
The biggest benefit of leasing a new car in Phoenix is the lack of down payment. Most dealerships in this area require either a $0 down payment or one that’s only a little more. When you spend less on a down payment, you have more money in the bank. Buying a car requires you put down a lot of money to get the price where you want it so you can afford the monthly payment. Since leases already come standard with affordable monthly payments, you no longer face this issue as you leave a car dealership with all your money still in the bank.
The other big benefit of leasing in Phoenix is getting what you want. Instead of driving off in a car you can afford, you get to choose from a myriad of affordable vehicles you never thought would fit inside your budget. That luxury SUV is suddenly more affordable than a basic compact hatchback thanks the lease process. If you want a full-size SUV, it’s less expensive to lease than a non-luxury sedan. If you want a car with all the upgrades, you don’t worry it’s outside the budget.
You never leave a car dealership upside down in a leased vehicle. You always have positive equity in the cars you’re driving, which is what makes it more fun and more affordable to take a car off the lot. Unlike driving a car home after paying full price, you’re not suffering from the depreciation. You’re driving home only paying for the deprecation. The better a vehicle holds its value, the less you pay for it while you drive it.
The other benefit to this is you never need to trade your car in again. When your lease is up, you get to take it back and choose a new car to take home without all the wheeling and dealing. There is no trade-in hassle, and there is no worry your car is not worth all you owe to pay it off.
The Downfall of Leasing
Nothing is perfect, and nothing is 100% for anyone. If you love road trips and drive cross country on a regular basis, a lease probably won’t work for you. It’s expensive to go over your mileage allowance when you lease a car. You pay for every mile when you turn it in at the end of your lease.
The other downfall to leasing is you pay a large termination fee when you decide to end the lease early. If you’re a young couple leasing a two-seater sports car for a few years with plans to have a baby in the near future, you’ll either pay excessive termination fees or need to put off starting a family for a few years.
If you don’t want to have a car payment forever, leasing might not be the best option for you. Since many drivers know they’ll never live without a car payment, it’s not a problem to lease. If you trade in your car every two or three years anyway, car payments are forever in your future.
What works as a con and a pro in the leasing game is not the same for everyone. Someone might love the idea of driving a car they can’t drive across the country due to mileage, and someone else might hate the idea. It’s all about personal perception, and it’s all about what works best for you and your family. Before you make the decision to buy a new car in Phoenix, ask yourself what works best in the budget. A car you’ll owe more on than it’s worth the moment you get it home, or a much nicer car you only get to borrow for a few years until your lease is up?