The Top 6 Common Car Leasing Misconceptions
Car leasing is one of those agreements in America today that is wholly surrounded by misinformation and falsely claimed facts. Still not completely understood by the majority of Americans, car leasing is a wise financial investment and viable alternative to investing in a piece of machinery that is going to depreciate over time.
If you’re ready to set the record straight and really learn about what leasing a car can do for you, here are some of the top car leasing misconceptions to look out for today:
- “It’s a Bad Deal.” If you keep a car past the day the loan is paid off, then yes, you can save some money. But, if you trade in the car before that point, or end up fronting costs for major car fixes, the trade-in value will not cover the loan you took out in the first place. But, with a lease, there isn’t that kind of pressure. You can make the deal whatever you want it to be, and walk away with lower monthly payments.
- “You Can’t Negotiate a Good Lease.” False again! Dealers are more than happy to negotiate lease deals with you – nothing is set in stone. Much like the negotiation process for buying a car, the same kind of process is available to you when negotiating your car leasing terms.
- “I Won’t Get a Tax Break.” Incorrect. Yes, the tax law enables businesses to deduct monthly leasing payments as an expense, but you, too, will get a tax break. Depending the state, you pay sales tax only on the monthly payments, not the vehicle price. You owe a fraction in taxes than what you probably thought was the reality.
- “Hefty Turn-In Fees.” You negotiate the terms of the lease from the onset. You know exactly what mileage was purchased for what time period. That way, you can guarantee you circumvent hefty fees by the end of the agreement – just respect the terms you agreed to in the first place.”
- “I’m Stuck in My Lease.” Most dealers are open to considering different completion terms if that’s what you need. Instead of assuming the worst, call the dealer and start the conversation about changing the termination period for your lease.
- “I’ll Have a Higher Monthly Payment.” This couldn’t be more wrong. You will actually have a lower monthly payment than your auto loan counterparts. Once you configure your income, you can control what kind of lease you want and ensure it makes sense with your financial picture.”
Signature Auto Group Leasing Terms
Here at Signature Auto Group, we provide you with leasing options, terms, and monthly payments that adhere to your individual needs and requirements. Although car leasing is surrounded by inaccurate information, we ask you to help us spread the word on the truth behind this viable automotive option available to you today. With an upward of 30% of all new cars in America being leased right now, there’s definitely a trend in favor of leasing.