Purchasing a vehicle is a big financial decision that could have a long-lasting impact. Before you commit to buying a new ride, consider the many perks of leasing. Here are the key reasons why leasing is the best option.
More Affordable Monthly Payments
When buying a new vehicle, expect your monthly payments to be significantly more expensive. In fact, you could save thousands of dollars per year by opting to lease. From paying household bills to starting a college fund for your child, you can use the extra money for a variety of different things. Nothing beats having more financial freedom.
A Down Payment is Not Required
Often times, car dealerships will require a down payment. Keep in mind that the average down payment is now more than $3,500. Shelling out thousands of dollars at once can be a major headache. The good news is that car leasing gives you the option of not making a down payment. After signing the lease agreement and making your first month’s payment, you will be able to drive home in a new ride.
Ability to Upgrade to a Newer Vehicle
If you love the thought of driving a new vehicle every few years, leasing is clearly the best choice. The majority of lease contracts last between two and four years. After your lease has expired, you can then upgrade to a brand-new car. You don’t have to worry about driving around in an outdated model. Aside from the vehicle’s fresh styling, you can also take advantage of the new features.
For good reason, a lot of drivers hate paying extra fees. It’s hard to avoid paying certain fees such as sales tax. However, leasing a new vehicle will reduce your tax bite. You will only be paying taxes for a portion of the vehicle’s total value. Furthermore, the taxes do not have to be paid all at once. They are actually combined with your monthly lease payment.
Warranty Provides an Extra Measure of Protection
Even the most reliable vehicle can experience an unforeseen problem. While leasing a new ride, you will always be protected by a warranty. Whether you are dealing with a check engine light or a transmission issue, everything will be covered. Around-the-clock roadside assistance is yet another perk. Although car buyers also benefit from a warranty, it will eventually run out. The owner must then cover the cost of the necessary repairs.
Eliminates the Hassle of Selling a Vehicle
At some point, most car owners get the urge to get a new ride. To obtain some additional cash for their purchase, they will attempt to sell their old vehicle. This entire process can be extremely draining. Not only does the person have to allow strangers to test drive their vehicle, but they also must take extra time out of their day. Even if the owner opts to trade in their vehicle, they are unlikely to get their money’s worth. Leasing a car is clearly a lot less hectic. After your lease ends, you can upgrade to a newer ride or simply walk away from the deal.
Avoids Depreciated Value
After you drive a new vehicle off the lot, it immediately starts to lose value. Buying a new car means you must endure the loss of value. As you rack up the miles, the vehicle’s worth plummets even more. Leasing a vehicle enables you to avoid this problem.