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Purchasing a new vehicle has always been considered a big ticket item, but in today’s economy, prices can often feel like they are going up faster than wages can keep up, making that price tag seem even steeper. Leasing offers buyers a way to get into a new car without signing on to purchase the vehicle, often making it the more affordable option. And it’s not just affordability; there are other pros as well.
There is Plenty of Variety
One very obvious pro to leasing a vehicle is that buyers have a massive variety of makes and models to choose from. You can lease everything from small eco-friendly vehicles ideal for tight city streets like the award-winning Ford Fiesta to the ultra-luxurious high-performance Land Rover Discovery; there are even car dealerships that specialize in leasing vehicles, such as Vantage Leasing, which has a wide selection of the aforementioned Land Rover Discovery. Vantage Leasing understands how popular an option leasing has become and ensures that customers have plenty of new models at affordable rates to choose from.
The Vehicle Can be More Affordable
Speaking of affordability, this is perhaps one of the biggest pros of leasing a vehicle. Often it works out to be the most affordable option. There is no need to come up with a hefty down payment, and because you aren’t paying for the full value of the vehicle, rather just a portion of it until your lease expires, then the monthly payments can be lower.
No Need to Worry About Depreciation
A big drawback in purchasing a new vehicle is knowing that within that first year, it will significantly depreciate in value. It’s like watching your investment shrink before your eyes. When you lease the depreciation isn’t your concern since you’ll be turning it in at the end of the term.
Get Into a New Vehicle Every Few Years
If you’re the type that enjoys driving a new vehicle every few years, leasing is also the easiest, most affordable, and smartest way to make that happen. You can lease a vehicle for a short length of time, or longer, depending on how anxious you are to get into your next vehicle.
What About the Cons?
As for the cons, the main one is that you don’t own a car at the end of your term. You are essentially renting it, so you can’t view it as a personal asset. There also tends to be restrictions on the miles you’re allowed to put on it, and if you go over the specified amount, you’ll need to pay a penalty fee. Then there is the fact you are locked into the leasing contract for the full term, you can’t just change your mind halfway through.
All in all, leasing a vehicle is something that can offer a lot of advantages and end up being the best decision for you, it’s a matter of weighing both options – purchasing vs financing – and making a decision.