Advantages of leasing
The Advantages of Leasing and Why You Should Consider It.
When you're considering a new vehicle, you are given two options: buy or lease. Many drivers are more familiar with buying a car outright, so this is the path they choose to take. However, leasing a vehicle is also a great choice for many drivers-and for many reasons. Here is a quick rundown on the many advantages of leasing your next vehicle.
Lower Monthly Payments
When you buy a car, you must pay for the entire vehicle. Even though this is spread out over monthly payments, you're still trying to afford a large purchase. This means that your monthly payments can be high. When you lease, you are not buying the entire vehicle. Instead, your payments are only necessary for the term of the lease, and since you're not buying the car outright, your payments will not be as high.
Lower Maintenance Costs
When you lease a vehicle, your regular maintenance can typically be included in your lease agreement. This means that you don't need to spend your own money on things like oil changes, tire rotations, or even annual checkups. This way, you can rest assured that you're driving a healthy vehicle without spending a fortune on service and repair.
More New Cars
Leasing allows you to experience a new vehicle every three to four years. If you easily get tired of your vehicle, or if you want something that can accommodate your changing lifestyle, then leasing is a great option. Once your three- or four-year lease is up, you can simply trade it in for a new vehicle. This much easier to do than trading in a car you bought.
Lower Down Payment
Sometimes the struggle with buying a new car is coming up with a down payment. When you lease, you will not need to put down as much money. Again, since you're not buying the entire car, the cost to lease is significantly less, so you'll find that the down payment is also less.
Pay Less Taxes
Another advantage of leasing is that you only pay taxes on your monthly payment. When you purchase a vehicle, you are required to pay all applicable sales taxes on the whole vehicle amount right away, which could add thousands of dollars to your final sale price. When you lease, you only have to pay the applicable sales tax on your monthly payment, so it is a much smaller amount to have to deal with. And who doesn't like paying less taxes!