When Does Car Leasing Make Sense?
Many drivers are not aware of the many benefits that leasing a car presents, when compared to buying a vehicle, and therefore spend more money that they need to on their vehicle. So if you are a fan of new cars and brands like Acura, Toyota, Jeep, BMW, Infiniti, Kia and more, this is a must read!
When making a big financial decision such as buying a car it makes sense to sit down and assess your options. Today, we’re going to take a look at why leasing (rather than buying) a new vehicle often makes more financial sense.
A key consideration for many is how much their car payment is going to come to. With a lease agreement you are only effectively paying the depreciation that occurs during the term of your contract, which means your monthly installments are always going to be lower than when you buy a car on finance. You’ll also pay a much lower initial down payment.
This will allow you to reduce your vehicle-related monthly outgoings and spend the money saved on other items that are important to you. It also gives you the option to drive a better car, or afford more options on a model you like, for the same monthly payment as buying the car.
Drive Newer Cars More Often
As your lease is only likely to last between 1 and 4 years, you will have the ability to upgrade to the latest makes and models more often. Not only is this a great way to “Keep up with the Joneses” on your street, it also presents other more serious advantages.
Instead of being stuck with a car with rapidly ageing technology, you can upgrade to a car that has increased fuel economy, better safety features, and the latest advances in infotainment.
For example, if you were to lease the 2019 Volvo XC90 after having driven its predecessor for three years, you would now be able to benefit from brand new safety and entertainment features such as: blind-spot monitoring, speed-adaptive smart cruise control, automatic collision-avoidance braking and a brand new Bowers and Wilkins audio system.
Cheaper to Maintain
Lease deals tend to be on brand new cars, which means you will spend far less on their maintenance because you will only own the car for a few years. What is more, the warranty from some brands is so good that you may not have to pay for anything at all.
For instance, if you leased the 2019 Hyundai Sonata for 3 years, you would be covered for any mishaps that weren’t self-inflicted by their industry-leading bumper-to-bumper 5 year warranty.
No Worries When It Comes To Trade In
When car owners who’ve bought their car get to the end of their payments and want to upgrade their car, they have to go through the hassle of either trying to sell their car privately, or returning to the dealership to try and get the best possible trade in price.
With lease agreements, once you’ve made all of your payments you can just simply hand the car back, pay any final fees (if required), and you can walk away. Although what tends to happen is the driver will walk away with yet another brand new car with a new lease agreement!
Hopefully we have demonstrated some of the big advantages leasing a vehicle presents over buying a car. Here at Signature Auto Group, you can lease almost any car currently on the US market.
Better still, we can take care of the whole process online, saving you time and money. All you have to do to get started is call (718) 616-2277 or Live Chat at the bottom of our website SignatureAutoNY.com, and a member of our team will be happy to talk you through your options.
If you want to carry out some prior research, don’t forget to take a look at our latest lease deals here.