Wondering Whether You Should Buy or Lease Your Next Car? Don’t Miss These Five Expert Tips for Why You Should Lease

Are you in need of a new car? Are you uncertain which route you should go—either buying or leasing? Do you want and need to save money?

If you answered “yes” to any of these questions, then leasing car may be a good option for you. Read on to get our five expert tips for leasing your next car:

Tip #1: Get a Lower Monthly Payment

What is so budget-friendly about leasing a car is that you’ll often be able to secure a lower monthly payment than if you purchased the car. Your lease will be based on the sale price of the car. Select a lower-priced car to get a lower monthly payment.

Tip #2: Forget the Down Payment

What can be difficult about buying a car are the upfront costs you have to put into the process. For example, often a dealership will require you to produce a down payment on the car — or you’ll need to trade in your car as some type of collateral. But with a lease, you don’t have to give a down payment. Instead, your upfront costs usually are the first monthly payment, a few taxes and fees and a security deposit. In all, it’s likely that you’ll pay less in upfront costs with a lease.

Tip #3: Don’t Worry About Repairs

One of the great benefits of leasing a car is that the car likely will stay fairly new over the course of your contract. That means repairs to the car probably will be under the manufacturer’s warranty–so if things go wrong, it’s not you but the dealership that will handle the fixes! You’ll spend less money on car maintenance and repair than you would if you were buying the car.

Tip #4: Always Get a New Car

Leasing a car is a great option for drivers who like to have a new and different car from time to time. You will lease the car for a certain amount of time, and when your lease is up — you simply turn it in. From there, you can select a new car and a new lease so you always have a car you like to get you where you are going!

Tip #5: Have the Option to Buy

Finally, keep in mind that when you lease a car, you do not own it. The dealership owns it, and at the end of the lease, the dealership determines what to do with the car — whether to sell it, for example. You do have the option to purchase the car you have leased at the end of the contract — but you first have to turn the car in and work out the details with your dealer. Best of all, unlike owning a car, the burden is not on you to sell the car to get another one. You simply turn it in!

Ready to Get Started with Your New Lease?

If now is the time for you to get a new car, then keep these five pro tips in mind as you consider leasing. This option can be a budget-friendly, effective and easy way to get a car when you need it the most.