To buy a new car or to lease—it’s a question that leaves many people in the market for new vehicles stumped. Of course, both come with their own benefits, but today we’ll be focusing on the benefits that come with leasing a car. Whether leasing a vehicle is the best fit for you depends on your own unique situation—but in most cases, leasing is a great way to bring a new vehicle into your life!Shorter term.
In most cases, a leasing term is 36 months, or three years. This is a significantly shorter period of time compared to financing, which can have terms as long as six to seven years! Because of this shorter period, you won’t be tied to the same vehicle for nearly as long.
Covered under factory warranty.
Thanks to the shortened terms, in most cases, a leased vehicle will be covered under factory warranty the entire time it’s in your possession!
Flexible contract lengths & mileage limits.
Essentially, the fine details of leasing are negotiable. If you need more wiggle room in your mileage limits or aren’t happy with a 36 month period, you can always speak with your consultant to find a plan that’s perfect for you!
Lower monthly payments.
Unless you put down a huge down payment when financing, leasing will almost always result in lower monthly payments. This is exceptionally helpful if you don’t have the cash to pay for a new vehicle upfront!
Credit builder.
In addition to lower monthly payments, leasing a vehicle is a credit-builder!
Newer vehicles more often.
Again, thanks to a shorter term, you have the ability to have newer vehicles more frequently! You can keep up with the latest technology, models and styles without the hassle of trading in your previous vehicle. You can simply drop your vehicle off at the end of your lease and start a new one with an updated model!
No negative equity.
What you pay directly goes toward offsetting the depreciation of the vehicle—you’ll never pay more than what the vehicle is worth, which is something you’re likely to run into when you finance a vehicle.
More end-of-term options.
When your term is up, you can decide what to do with the car: buy it, sell it, trade it, extend the lease, or turn it in and walk away.
No trade-in hassle.
One of the major headaches of buying a car is configuring and negotiating the value of your trade-in, as well as transferring over the title of the vehicle, and more. When you lease a car, you avoid that mess all together!
Lower maintenance costs.
When you lease, you’ll be driving the vehicle during its most trouble-free years, since it’s a new vehicle. You likely won’t have to bring it in for repairs often, if at all, during your term.
Sounds pretty great, right? Check out our
new car specials and schedule an appointment with one of our consultants today!