When looking to obtain a new car, you should weigh the option of leasing the vehicle as opposed to purchasing it. If you plan to keep the vehicle for a long period of time, purchasing is likely the better choice to eliminate things such as excess mileage charges. If you plan to keep the vehicle for only a short period of time such as two to four years, leasing can offer certain advantages.
Keeping Up with Trends
Because leasing allows drivers to keep a vehicle for a relatively short period of time at an affordable monthly rate, it is ideal for those who want to keep up with the latest trends. Rather than having to sell the vehicle or trade it in, you can simply return it at the end of the lease period and obtain a newer vehicle.
Lower Down Payment
Leasing is also a good choice for those who either don't want to make or don't have the money for a large down payment. Leasing generally requires a much lower down payment than is required when purchasing a vehicle, so it can be beneficial for a first-time car buyer such as a recent college graduate.
No Used Cad Hassles
When your lease period is up, you simply return the car to the dealership. If you want to buy it, you pay the predetermined price. If you don't, you simply walk away, assuming you have kept the car in good shape and have stayed within the mileage restriction. This eliminates the hassle of trying to sell your car or negotiate a fair trade-in value.
Lower Monthly Payments
With a lease, because you have possession of the vehicle for a predetermined period of time, you are in effect only paying for a portion of a vehicle. Because of this, monthly payments can be significantly lower than when purchasing a vehicle. According to LeaseGuide.com., monthly payments can be reduced by as much as 30 to 60 percent. In many states, your sales taxes will be lower as well, because you only pay taxes on the lease amount, rather than on the full price of the car.
Reduced Maintenance
When you lease a car, you usually get a brand-new vehicle and keep it for a short period of time, so there are likely to be major maintenance issues. In the event that a problem does occur, it will often fall under the manufacturer's warranty. One way to not have to worry about large repair bills is to be sure that the negotiated lease period does not extend past the warranty period.
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