Purchasing a vehicle is a big decision for most families and individuals. The decision to finance a vehicle for purchase or to lease is one of many you will make in the process of acquiring a new car. Leasing has a number of benefits, making it an attractive option for many car buyers.
Maintenance
Leasing rather than buying may spare you the cost of repairs. The lease term can coincide with the manufacturer's warranty, which allows you to have repairs covered during the lease term, then turn the vehicle in before the warranty ends. The lease requires you to maintain the vehicle during the agreement, but if you're leasing a new car that's under warranty, you'll only pay for things that the warranty does not typically cover, such as oil changes.
Lower Cost
A leased vehicle generally has a lower monthly payment than a vehicle purchased through traditional financing. According to Lease Guide, the average lease payment is between 30 and 60 percent lower than a traditional car payment. A lease agreement is designed to charge you for the time you use the vehicle, rather than the entire purchase of the car.
Low Down Payment
A lease agreement does not require a large down payment, or in some cases any down payment at all. Car buyers have the option to put a down payment on the vehicle to lower the cost of the monthly payments. If you don't have a large amount of money for a down payment on a purchase, you may find a lease arrangement a better option.
Opportunity to Purchase
At the end of the lease term, you have the option to purchase the vehicle, and the purchase price is typically specified in the lease itself. This allows an opportunity to try the car for a longer period before making a commitment. You can walk away from the leased vehicle at the end of the agreement and turn the vehicle in for another car, or make the decision to purchase it under the terms set forth in the lease.
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