Leasing often gets a bad rap since you do not actually own a car at the end of the term.
But not everything about leasing a car is negative. Here are some key reasons that showcase why you should lease a car.
You’ll Never Get Bored
New cars are coming out every year with more options, better fuel efficiency, more stylish looks and newer technology. You don’t want to miss out on all that, do you? Leasing is a great way to always have the keys to a newer car in your possession, and you’ll never fall out of love with your new ride. Plus it helps with keeping up with the Joneses. Those guys are fast!
The short length of a lease means that the car will likely always have some kind of warranty coverage while it’s in your possession. Very few automakers offer a warranty less than 36 months, so you should be covered for a whole host of repairs should anything go wrong while you’re leasing a vehicle.
Costs Less than Financing
The biggest advantage to leasing is that monthly payments will cost less compared to financing the same vehicle. Of course, that’s because someone financing the car is paying for the whole car, while leasing only pays for the cost of the depreciation of the car during the time you have it. Still, if you’re undecided about car ownership, leasing can make a lot of sense.
No Long-Term Reliability Doubts
Worrying about long-term reliability is something that car buyers deal with. Leasing a car means you don’t have to worry about whether the car will age gracefully. Rust, interior wear and tear, and other long-term worries aren’t a problem in a leased car since they happen much later in the car’s life.
Perks for Business Usage
Taxes on a leased car occur on the monthly payments, not on the upfront cost. This means if you are using the car for business, you can deduct more. This is just one other way that leasing helps you save money over financing a car.
You Can Buy It After
In some cases, when your lease is done, you have the option of buying the car you just leased. Buying a similar car from new would cost much more, and the used car market is hit or miss. Compared to the crap shoot of other used cars out there, you already know the history of the car you’ve been leasing, and know how the car works for you. Leasing can act like a long-term test drive before you buy.
Lower Down Payment
Since you’re only paying for the cost of the car over a few years, a down payment on a lease is far less than that of a financed car. Additionally, some automakers will even lease you a car without a down payment, again helping you to keep costs down.
Costs Less to get Nice Options
With the money you’re saving with cheaper monthly payments, tax deductions and lower down payments, you can spend a bit more on yourself, getting a nicer car in the process. Whether you get upgrades to your vehicle or a bigger or better car altogether is up to you, but thanks to the low cost of leasing, you can finally get the car you want.
Less Prone to Breaking Down
Even if most of the car is covered under warranty during the time you own it, it will be less prone to breaking down altogether. The first three years of a car’s life is its prime-time and bigger issues tend to show up after that time, meaning you don’t have to deal with it. Not only can you avoid those potential costs, you get to avoid the hassle of trips to the dealer. Some dealers even know that a car is less likely to have significant problems during a lease, and will “throw in” free maintenance programs as an incentive. In reality, you’re likely just saving the cost of an oil change, but it’s still nice to go to a dealer and get your car serviced without touching your wallet.
Don’t Worry About Depreciation
Cars are not an appreciable asset. The moment you drive a car off the lot it begins to lose value. But when you lease, you don’t have to worry about that depreciation, since the car isn’t technically yours. The miles you put on the car are your only cost and that’s exactly what you’re paying for.