Just before it’s that time again to buy that new car again, think about the possibility of leasing one instead. Leasing a car offers many advantages that you might not have considered in the past. Read our list of advantages of car leasing below before you make that huge new car purchase.
A new model every two or three years
Car designs change about as fast as women’s fashion. Every two or three years a majority of car manufactures update and improve design on their vehicles. Interior room improves; gas mileage increases; and parts last longer. Why wait five or six years to take advantage of better design and quality? It also feels good to drive a sharp looking late model car compared to an older, not as stylish car, especially if you’re in sales and you need to impress a client. Wouldn’t you rather buy a house from a real estate broker that drives you around in a new BMW versus an older model, less attractive car?
Less worry about the repair bill
With a leased car, the warranty covers most, if not all problems (excluding normal maintenance such as lube and oil and brake jobs). For instance, if your car’s radiator cracks, it will be covered in the lease. If you buy your car, and the radiator cracks after the warranty has ended, then you’ll be stuck with the bill. If it’s a major item, like an engine mount, etc., the cost savings can be enormous with a leased car. With an older model car, figure on spending a few hundred dollars every few months or so on ongoing maintenance or replacement costs. That doesn’t even include the inconvenience of taking your older car to the mechanic every so often.
A Lexus versus a Chevrolet
With low monthly payments, a car lease can get you into that luxury car you always fantasized about. With a traditional car purchase, a Lexus might be out of your league. However, with a car lease, driving a luxury car becomes a reality with low, affordable down payments. Where you might be paying $800 or so for a car loan for a purchase, you might be only paying $500 or so for the same car, with a small down payment.
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