The moment you drive your new car off of the lot, it loses a lot of value. You spend more money on your car in maintenance, and those costs can mount over the years. Why should you have to deal with a depreciating asset? Why put money toward it for years? If you’ve wondered about this yourself and you’re in the market for a new car, then you should consider leasing. When you lease a car, you have that car for a specified amount of time. When that period is up, you’re eligible to lease another car—a brand-new one. So, over time, you’ll only drive new, dependable cars and avoid sinking money into an asset that will only lose value.
Less Money Up Front and Over Time
When you lease, the down payment is typically smaller than if you were purchasing the car outright. Monthly payments are also usually lower than payments for a car you buy. Because of this, leasing may make the most sense for someone with a tight budget or for someone who cannot take out a high loan. Also, most new cars come with a three-year warranty that covers almost any maintenance costs, so you will pay little to nothing to keep your vehicle in good working order.
Drive a Better Car
Because leasing requires less cash up front and over time, you can find yourself in a more luxurious car than if you decided to buy. This can mean anything from additional safety features to technological perks. And, after your lease is up, you can hop into another car just as advanced and cutting-edge.
Leasing a car comes with a mileage restriction. You usually have several options when you sign your lease, and you can also purchase additional miles at a discount if you think you may drive over the restriction. While many view this restriction as a negative side to leasing, think about this: being mindful of the miles you drive may push you to walk and bike a little more. You’ll love your car, and do something for yourself and the environment.
When your lease is up, you can either purchase the car or return it to the dealer to lease a new vehicle. If you do decide to return the car and lease a new one, be aware that leased vehicles need to be returned in good condition with all accessories in working order. Otherwise, you may be charged for any dents, scratches, or damage. Leasing isn’t for everyone, so do your research before you visit the dealership.