Personal Finance

Why You Should Consider Leasing a Car instead of Buying

Why You Should Consider Leasing A Car instead of Buying

sponsored post

If you’re considering buying a new car, then it might be time to stop and consider leasing instead. This might seem silly, as renting is often believed to be worse than buying; but the truth of the matter is that, while there are some drawbacks when it comes to leasing, there are so many more benefits. Maybe you just want to get rid of your old car and upgrade for the now. As sometimes we don’t want to think about choosing 1 car to drive for the next 10 years. Whatever your reasons here are a few for you to consider before you head to your nearest car dealership.

No Long-Term Commitments

When you buy a car, the idea generally is that you are to keep that car for a long as you can, and then buy a new one if and when it breaks down. This is great if you can afford the car of your dreams and won’t ever want another one, but if you have trouble with long-term commitments, then you may be looking for a something else within the year. When you lease a car, this isn’t an issue, as most leases only last for a few years, so you can then get something newer.

Buying Is An Option

On the other hand, if you get to the end of your lease, and you’ve really started to like your car, then you can sometimes buy it from the leasing company. Because your car is no longer brand new, it will be a lot cheaper than getting a similar car from a dealership, and you have the unique benefit of knowing you cars history, which is something you can’t be sure of when heading into the murky world of used cars. Just think of your lease as a really long test drive.

No Resale Hassle

If the car isn’t for you or buying isn’t an option, all you need to do is return your car to the leasing company and go on with your day. The same can’t quite be said for car owners, as they have to deal with the hassle of a resale once they’re done with a car they don’t quite like. You also don’t have to worry about losing any money on your car due to depreciation, as it was never yours in the first place.

It Costs Less

In general, the monthly payments that you have to make when leasing a vehicle are much less than what you’d pay to finance the same car, which can save you a lot of money. There are also lots of leasing companies that offer to beat better deals, so you may be able to save even more cash. This usually means that you can afford to get a better car than you would do if you were buying.

Major Repairs Are Covered

When you buy a car, the car is usually your responsibility, meaning that any maintenance and repairs are your problems. When you lease a car, you are generally covered by some kind of warranty, so that you are covered if anything goes wrong with the vehicle and any major repairs have to be completed.

Like everything in life, leasing a car definitely has its downsides, but its benefits can’t be argued, so, before you go out and buy a new car, consider whether leasing is the right option for you.