A lot of thought goes into the purchase of a new vehicle. It’s an expensive purchase, which means it’s one you must not enter into lightly. You must find a vehicle that fits your needs in terms of size, features, and price. It’s expensive, which is why so many consumers settle for vehicles that meet one or two of their needs but not all three. Budget is the biggest factor. If you cannot afford to purchase a car, you can’t justify bringing it home. When you begin to consider leasing as an option, you might have a few misconceptions about what it really means to lease a car.
In the past, many buyers have entered into the process assuming leasing is something it’s not. It’s not just for those who want to drive a luxury car. It’s not just for those who work for a corporation and have a company car. It’s not just for a certain group of people. It’s for everyone, except those who drive long distances. The purpose of a lease is to keep the car’s mileage low and the car in excellent condition. If you drive fewer than 12,000 miles per year, you are the perfect candidate for a lease. The benefits are excellent.
Low Mileage Drivers Benefit Significantly
Most leases allow drivers approximately 12,000 miles per year on their car. This is to keep the mileage low enough that the car can be sold again as a used vehicle when it’s turned in at the end of its lease. If you drive a little more than this or simply want to be sure you’re not putting too many miles on the car you have to pay for out of pocket at the end of the lease, you can negotiate 15,000 miles per year in the lease agreement for a small fee. If you drive very little and want a new car every few years, leasing is an option.
Your budget might not allow you to buy a Mercedes or a Jaguar, but your monthly payment budget might allow for that if you choose to lease. You’re not paying the full price of the car. You’re renting it for two to three years, which means your monthly payment on a full-size SUV or even a luxury sedan is as low as it would be if you bought a small economy car. You only pay the depreciation of the vehicle when it’s driven off the lot. The dealer does this so they can sell the car at the end of the lease and make a profit on it.
You Always Have Warranty
One of the biggest fears drivers have is the expiration of their vehicle warranties. This means all major issues that occur to the vehicle after so many years or miles become their problem. These fixes can be quite expensive, and it’s not a secret cars tend to fall apart and start having issues when they age. If you want to avoid the feeling of paying for costly repairs, a lease is right for you. You don’t drive it long enough or far enough for the warranty to expire. This makes it a much safer and more enjoyable car to drive.
You Always Drive New
While your friends are keeping their cars for years because they owe more than it’s worth, you get a new car every two or three years. There is no worry you have to roll over what you still owe after your trade-in or sale. This keeps you from being upside down on your car, from making a new car even more expensive, or from being turned down for a new car altogether.
Leasing is a beneficial tool for anyone who wants to drive new cars with the knowledge they won’t put so much money into a car that they can’t afford. It’s a great way to open up your options to include cars you never thought you could afford to drive, and it’s a great solution for those who don’t put many miles on a vehicle. If you haven’t considered it before, you’re considering it now.