Getting a new vehicle is always an exciting step! You spend all your spare time researching certain vehicles, asking around for opinions and reviews; it’s not a purchase to take lightly. While you make sure to focus on quality and ratings and price; you may want to consider a lease, rather than a purchase. Unless you can afford to pay for a vehicle outright, payments, interest, and terms are a huge consideration and can usually make or break your decision when it comes to financing, as well as many other disadvantages to financing. However, it may be worth your time to look at the option of leasing your vehicle. It can come with cheap deals and options that you may have not considered before. I’ve listed a few benefits of leasing, as opposed to financing.
- Lower Payments
Leasing is the best way to drive that car you could never afford in your wildest dreams. With leasing, you’re not actually paying towards a principle amount, you’re only paying the depreciation of the vehicle over the time you have it; which means payments are way less! While financing a car, you are paying out the total (plus interest and other frills) over a term, and payments can sometimes get unrealistic for most people. Instead, with leasing, you can enjoy the highest quality vehicle with all the fancy perks for a minimum amount; classy and impressive, while staying affordable.
- Better Quality
Instead of dealing with maintenance issues, and having your vehicle get worse and worse over time, with most leases, all maintenance fees are included, and you get to drive the vehicle during the best years of its life. When you own your vehicle, you are forced to incur all the expenses only to have the quality depreciate over time. Leases usually have shorter terms, and most people just exchange the car for a newer one once the term is over. Leasing is the best way to ensure your constantly driving a safe, secure and newer vehicle to keep you and your family safe, and living your best life driving around in style!
- Lease Deals & Specials
Most dealerships hold amazing deals and specials for leased vehicles; and include awesome maintenance packages. Consider this Acura RLX lease; it provides hassle-free packages at incredible rates while holding out the expectation of a newer model with awesome perks and safety features. If you’re able to stay tuned into the lease specials at your dealership and keep up with communications, you are almost guaranteed to maintain an impressive and competitive deal, giving you even better price points than other leasers.
- Never Owe More Than the Vehicle is Worth
One of the biggest disadvantages of owning a vehicle is when loans get “upside-down”; meaning, the quality (or worth) of the vehicle is less than what you still owe on it. The scariest situation is when your vehicle is pretty much on its last leg, and you still have three years of payments left on it, and having no way out of it. The stress of having to make that vehicle last at least until the end of the term is common, but leasers don’t have to worry about that. Since you’re not paying towards a principle amount, you’ll never owe more than your vehicle is worth. You’ll always be paying “borrowing” costs, which are usually minimal, and driving a quality (and safe) vehicle.
While buying also has its advantages, leasing should not be shadowed. Often times, it’s the best option available; especially when safety and quality are concerns, which is almost always. There are a few disadvantages of leasing such as mileage counts, wear and tear details, and early termination fees; like anything, it’s best to do some research and consider what is best for your current situation. For example, if you have a full pack of children that play wildly in the car while you’re driving, you may want to consider how well you could stay within the terms of the wear and tear agreements. Most dealerships expect the car to come back in the same condition it left in; and while they usually cover maintenance issues like oil changes, they won’t cover seat stains, tears or window cracks. However, not everyone has issues like that; in fact, for most people, you can get away with having minimal damage to the interior of the car. In that case, leasing is a great option to maintain quality and prestige.
In the end, the most important thing is that you make the most viable financial decision for your family. Lower payments while maintaining a safe vehicle is always attractive, and I can’t think of anything more important than you and your family’s safety.