Will you buy, or will you lease? It’s a question many prospective car owners have asked themselves. If you’re in that situation right now, there are plenty of things for you to look at when making your decision. How long do you plan on using the car? Do you value a lower overall cost, or lower monthly costs? Leasing might not be the right option for everyone, but you could be surprised by how many benefits it actually offers. It might even be enough to gain a bit of an edge over more the more traditional option of buying!
Lower Monthly Payments
This is one of the biggest and most obvious draws of leasing a car. U.S. News shows that monthly payments on a purchased vehicle are significantly higher than what’s paid on a leased vehicle. This is because you’re only covering the depreciation costs over the period of your lease, which is usually about three years. On the other hand, when you buy a vehicle, your monthly payments will be based on the total price of the car. That’s going to be a much bigger chunk of money that you see leaving your checkbook on a month to month basis.
Tired of your current model? You can rest easy knowing that you won’t be stuck with it forever! One of the main issues that people who buy vehicles has is the simple permanence of… well, having bought a vehicle. Once it’s yours, it’s yours for good. This can be a good thing in many cases, but it can also leave car owners feeling locked into their current situation and forcibly stuck with the car they want to get rid of. You have to maintain it, pay for it, and when you want a new car, you have to go through the hassle of selling the old one. When you lease a vehicle, however, upgrading is a simple matter of returning your car to the dealership as soon as your lease is up. That’s it! As long as the rules of the contract have been followed, there’s nothing else you need to do, and then you can be on your way to getting a brand new car for a new lease.
Fewer Repair Headaches
Consumer Reports points out that most of the vehicles up for leasing are new models. What does that mean for you? Simply put, your car will still be covered by the manufacturer’s warranty during the time you’re driving it. This warranty is “bumper-to-bumper”; in other words, it will likely cover any surprise damage that occurs during your stint driving it. If you spend your time worrying about replacing your old AC unit or those back tires that you think are on the verge of going out, you might want to check your leasing options out, instead. It can help alleviate some concerns you may have about the costs of replacing old or worn parts, and when you have less to worry about, you can enjoy your drives even more.
More Bang for Your Buck
If you take a look at some of your leasing options, you’ll likely notice that all of the models are newer, with many releases belonging to the current year. This means you’ll be getting all of the fanciest new car features and gadgets. Heated seats, automated windows, trunks with hands-free activation, built in GPS systems – the list goes on and on. If a feature you want is only in newer vehicles, leasing might be an option for you. Not only do you have access to all of the newest inventions of convenience that will make your drive that much more comfortable, but you’ll have access at a much lower monthly price than if you were to buy a brand-new vehicle instead of leasing one.
Leasing a vehicle is a great option for you if you like shaving down your monthly expenses without having to make compromises on the type of car you want. If you enjoy having all of the latest features and a manufacturer’s warranty protecting your purchase, this is definitely an option you might want to consider! You could find that it actually fits your lifestyle or wants much better than the traditional car purchasing route does.
CRD Auto Industry Insider may contain helpful and on-topic partner content that auto enthusiasts and car shoppers find valuable.