Leasing cars is a popular choice for many consumers in America. Statista reports that around a third of new car transactions were leases. Why is it that so many people are choosing this option instead of buying a car outright? Below we share some of the many good reasons to lease a car instead of buying.
- Spreading the cost
Yes, you can buy new cars on finance plans which also spread the cost, but most involve a larger down-payment than a lease, and depending on your finance deal, the terms can change after the first 12 months, or sooner. A lease offers a stable, monthly payment option that helps evenly distribute the cost.
- Option to buy
Many lease deals come with an option to buy the car at the end. This is like having the ultimate test drive opportunity. Imagine being able to test out your car over three years before you finally decide to buy or not. That’s all seasons, all conditions, all family situations you get to test out before you make that decision. A simple test drive off the lot won’t tell you any of these things.
- Depreciation
When you buy a car, it loses a chunk of its value as soon as you’ve drive it off the lot. Yes, that soon after you’ve bought it. It’s a constantly depreciating asset. When you lease, that depreciation is taken on by the leasers. At the end of the lease, you can just trade it up for a new car, and you can let the dealership worry about what to do with the depreciated asset.
- Maintenance costs
Many leases are for brand-new cars, the parts of which are often guaranteed for three years before needing a full service. This fits in nicely with the timeframe of most leases. With this in mind, save any unfortunate incidents on the road, your long-term maintenance spending will be absolutely minimal compared to those who buy outright.
- More car for your buck
When leasing, the simple truth is that you can get a lot more car for your budget, including luxury models that you might otherwise not be able to afford to buy. Furthermore, at the end of each lease you can trade in and get the latest model of your preferred brand, so you’ll always be on top of your automotive game.
Your local dealership has great deals on car leases. Why not head down there and see what’s on offer? Your dream car might just be a monthly payment away!
For all your car needs and wants head down to Craig and Landreth Chrysler Dodge Jeep Ram, they will help you find the perfect car.
