When it comes to getting a new car leasing is an avenue worth exploring, for a variety of reasons.
Savings
Because you never actually own the car, the monthly payments are traditionally between 35% and 55% lower than those on a car loan, so the reduced cost is a major factor. The fact that you won’t see your car depreciate in value the second you drive it off the forecourt is another.
Ease
The time frames of the lease are usually covered completely by the manufacturer’s warranty meaning that there will be no added maintenance costs for the car. Servicing and car tax is also usually included so there will be no hidden charges, making it easier to budget.
Technology
Because you only lease the car you will always be driving a relatively new vehicle meaning you will benefit from the latest technology and enjoy the associated economic and environmental benefits.
Options
As payments are lower than a car loan it means you could be driving around in a car that you otherwise would not be able to afford. This is one of the main reasons why leasing is a popular choice, particularly for business users.
Keeping it safe
Once you have got your new vehicle it’s important to keep it safe and secure so maybe put it in your garage. If your garage is needing a little work make sure your Garage Door Repair is done first. This is the main entrance to the garage and the way in and out for your vehicle.
Selling
When you want to change your car there’s no pressure in trying to sell your car or negotiate a good part exchange deal. Instead you simply start again. This means it’s also easier to change makes and models at the end of the agreement.
Cons
Like every decision we have to make it won’t suit everyone. As well as the pros there are also cons, such as the fact that you will never own a car. So at the end of the lease agreement you won’t have an asset and will therefore need to start again. That said, many people prefer not to spend hard-earned capital on what is invariably a depreciating asset.
Leasing isn’t always a good option if your mileage is likely to increase substantially. The lease provider must factor in depreciation which is of course affected by mileage.
Lease agreements include mileage limits and usually have associated mileage penalties if they are exceeded. That said, some lease providers offer mileage bolt-on packages so that you can stay on track.