Advantages of Leasing
Advantages of Leasing
When you’re thinking of changing your car for something bigger, smaller, more luxurious or something else, you may always be thinking about what it will take for you to buy that new car. Will you need to boost your credit to get a bigger loan on better terms? Will you try to save up enough to buy it outright? Until then, you might be thinking there’s no other way you’d like to try. In today’s blog, we’d like to share our thoughts on the advantages of another great way to get that car from the lot to your driveway — leasing.
Leasing your next car could bring you many great advantages, which we will elaborate on below. Primarily, leasing is designed to give you a greater measure of flexibility when you’re taking on a new car. A lease term will allow you to take advantage of the following:
- Always having the latest model. When you lease, the period typically lasts three years, after which you will be able to trade in for a newer model on very similar terms. In short, for the same or similarly consistent rate, you can continuously be driving the very latest that the brand has to offer.
- Avoiding the trap of depreciation. It’s no secret that when you buy a car, its value depreciates rapidly. Buying a pre-owned car can mitigate this, but at the cost of having the latest features or trim comforts. A lease will ensure that you don’t have to worry about resale and losing money on depreciation.
- Reduced maintenance. Since you’re leasing something brand new, and since most brand-new car parts are guaranteed for three years or so (IE your entire lease period) you are highly unlikely, if ever, going to have to worry about serious maintenance or repair bills. Newer does mean less wear and tear, and therefore greater reliability.
- Spreading the costs evenly. A lease will allow you to maintain costs on your car in a way that auto finance can’t always guarantee as new conditions, rates and other details kick in down the line. A lease is consistent, allowing you to plan ahead and relieve yourself of financial pressures.
Leasing isn’t for everyone, it’s true. A good local dealership always has different options for drivers in different circumstances. It is good, however, for drivers to be aware of those options and how they can benefit from each. Hopefully, after reading our piece, you are now knowledgeable on how a lease might benefit you. Stay safe on the road!