For many people, the process of purchasing a new car can be really intimidating and quite overwhelming. When it comes to choosing a car that is right for you and also getting the best deal possible there are a lot of things to consider that will factor into the final decision you make. You’ll have to decide things like whether or not you want to buy new or used, finance or cash, or even if you want to lease. For those of you who aren’t very family with leasing, here are 3 of the main benefits:
1. Lower monthly payments- One of the biggest incentives to people who are considering leasing a car is that you can put less money down and have lower monthly payments on a more expensive car. A lot of companies offer great discounts for the vehicles that they are leasing because they know that they will be able to sell the car again once the lease is over. When compared to the money that it would cost to purchase a brand new car, leasing can offer some great savings.
2. No depreciation – Another huge benefit of leasing a car is that you will never have to worry about the depreciation on your car. If you purchase a car and plan on selling it at any point in the future then you are going to have to face a bunch of depreciation, especially if you bought it new. When you are leasing a vehicle, at the end of the lease term you will simply return the car and you are free and clear. If you would like to lease another vehicle you will have the ability to do that, or if you would like to purchase the vehicle then you can do that as well.
3. Less maintenance- One of the biggest benefits to leasing a car is the possibility that you won’t have to pay for maintenance and that if you do the costs will be lower than they would if you purchased the vehicle. During the first 5 years of the vehicle, the maintenance costs are generally lower than they are later in the vehicle’s life. This is partially due to the fact that the more wear and tear you put on an engine and the surrounding components the more work you will have to do to maintain it. Another thing to keep in mind is that several car companies are now offering a maintenance free warranty with their cars where you don’t have to worry about any of the maintenance for the first 3-5 years (depending on the manufacturer). If you are in car leasing, the term of the lease is usually anywhere between 12-36 months which means that you could avoid spending a penny on maintenance.
When the time comes to make a decision about leasing your car, weigh your options and go with what works best for you.