To Lease Or Not To Lease- 8 Reasons Why Leasing A Car Is A Great Move
You might be thinking of buying a new car. However, this comes with several advantages and disadvantages. This is why the number of people leasing out vehicles has been on the rise. If you’re thinking of doing the same, you’ve come to the right place. The best reasons why you should lease a car are discussed below, so keep reading.
Never Worry About Diminished Value
The biggest benefit of leasing a car is not having to worry about the diminished value. As a car owner, you might do everything in your power to maintain and increase its value. If you ever get it into an accident, you’ll be diminishing its value. This is something that all car owners worry about as they won’t be able to sell their vehicle for more in the future.
Since the car is leased, if you ever get in an accident, the diminishing value would be the dealer’s problem, not yours.
What’s more, focusing on increasing its value is tedious. You’ll have to spend a lot of money on it, and get things like portable dvd players installed, as well as add-ons like high tech GPS systems. Or you will have to detail the vehicle constantly and spend on things like ceramic coats.
You Get GAP Insurance
GAP insurance is important in the automotive industry. You may have purchased a new car but imagine what would happen if it gets stolen. If you don’t have coverage, your money would go down the drain and you’ll still have to continue with your installments. You could have gotten GAP insurance but this is expensive as well. Fortunately, a range of dealers offer free GAP insurance with their vehicles when you lease them. This not only covers thefts but factors like your vehicle getting totaled.
Get An Easy Car
Dealers know how much buyers love leasing cars. That’s why they have more cars for you to lease than buy. The selection means you’ll leave the showroom with a vehicle you’ll love. This is important as maintaining some cars can be difficult. The tires may be hard to align, the oil may be hard to change, and the interior may be hard to clean. You’ll not be forced to drive such a vehicle.
Pay Less
When you buy a car, the loan installments you’ll have to pay would be quite a bit. The amount you’ll be paying for the car would be drastically reduced if you were to lease it. So, you’ll be saving hundreds, if not thousands of dollars in comparison.
Let’s not forget that you’ll be avoiding sales tax. This is an additional payment that drives the value of a car through the roof.
This isn’t the only way you’ll be saving money. Most manufacturers offer bumper-to-bumper warranties. This means that any damage caused to the car is covered by the manufacturer. So, you’ll never have to pay a dime and if even you do, it won’t be too costly.
Drive A Good Looking Car
Whether you’re buying a Toyota or a Porsche, manufacturers regularly release several models. You probably don’t want to be stuck with a model that’s not as good as the newer ones out there. Unfortunately, you may not be able to afford them as the newer a model is, the more expensive it will be. You don’t have to worry about this as leasing it would be budget-friendly, so you can get hold of whatever latest model you want.
What’s more, the car would be yours for only 2-3 years. In this period, manufacturers may have released a myriad of new vehicles. If you didn’t buy the vehicle, you can trade it back in, and get a car you’re more interested in.
Pick The Right Car For You
You won’t be stuck with the vehicle for very long. You can even get your lease for only a couple of months. This lets you test drive a multitude of cars over the next few years. This is quite wise if you’re looking to purchase a vehicle in the future. By trying out cars, you’ll know exactly what you want when making a purchase, and get one that’s best suited to your lifestyle.
No Down Payments
You can lease a car even if you have no money with you. This is because dealers don’t require a down payment for the vehicle. This is unheard of when it comes to buying cars. Dealers usually ask for 20% of the vehicle’s price, which results in you having to pay a lot of money. That being said, you’ll have some front fees when leasing a car. Thankfully, they’re not too bad and these are included in your monthly payments.
No Taxes
You can continue to save cash if you decide to lease your vehicle. If you use the car for business purposes, you can be exempted from several taxes. This is because the lease you’re paying is seen as a tax deduction.
Even if you don’t use the vehicle for your business, you can save on taxes. Depending on where you live, you might only be taxed based on a certain percentage of the vehicle’s value. This could mean that you end up saving hundreds of dollars.
Buying a car is a great move and is a rite of passage for many young people. However, it can be a rather difficult choice to make and has quite a few pros and cons as well. That’s why leasing a vehicle is the better choice. This is especially true as you won’t have to worry about diminishing its value. So you can drive the car without constantly having to worry about this factor. Also, leases are quite cheap and come with enough coverage if you ever dent or damage the vehicle.
Now you know the best reasons why you should lease a car. So, what do you think? Will you be making use of these points in the future?