How does spending less money up-front on a car sound? How about spending less money and time on vehicle maintenance? If you want to drive away from a car dealership every few years in a new car, car leasing may be the right option for you.
Car leasing is basically synonymous with renting a car. The only catch is that you have to lease the car for a much longer period of time than, say, a movie rental. When you buy a car, you make payments over a series of years until you pay the car off. After you’ve made all the payments, the car is yours. When you lease, you also make monthly payments, but only for a set amount of time (usually three years). Once the time is up, you get to decide whether or not to renew the lease or turn the car back in. Is leasing the right option for you? Read on.
1. New Cars, New Cars, New Cars
If you like new things and driving new cars, leasing may be the best option for you. Cars can depreciate quickly, and leasing a car may save you money in the long run. If you lease a new car instead of buying one, a new car will always be in your driveway. If you want access to all of the latest features a car manufacturer offers, then car leasing is the way to go. Better navigation systems, back-up cameras, music players, and car features are just a few of the reasons to lease.
2. Less Up-Front Costs
Traditional car loans usually come with heavy down-payments. If you decide to lease, chances are, you’ll have a much lower down payment to pay than compared to a normal loan. In fact, some dealers may not require a down payment at all. This means paying much less up-front (or nothing!) for a new car. Put that extra money towards home repairs and savings accounts!
3. Be Safer
Every year, new innovations in technology and safety emerge in the auto world. If you lease, you’ll be driving a newer car which will have all of the latest safety features. Newer cars also tend to be much more reliable than a five or ten-year-old vehicle. Newer cars have less wear and tear, making new cars a much safer choice in the event of a break-down.
4. Spend Less on Repairs and Maintanence
New cars usually cost much less when it comes to repairs. Most of the time, the vehicle you lease will still be covered by a manufacturer’s warranty, so you won’t have to pay for the repairs if it breaks down. There’s a great chance that certain basic maintanence (such as oil changes) will be covered by the lease agreement.
5. Monthly Payments Will be Lower
When you lease a vehicle, you do not pay for the full cost of the automobile. Instead, you pay for the depreciation of the vehicle during the lease. After the lease ends, the car company buys the car back from you. When you buy a vehicle, you’re paying taxes, fees, special finance charges, and the full price of the vehicle. This means that monthly lease payments are usually lower than loan payments.
6. No Re-selling
You won’t have to resell the car because you don’t own it! To some people, this can be a breath of fresh air, especially since so many people are leasing cars rather than owning them nowadays. You’re free to lease a new car or extend the lease after the first term has ended.
7. Less Sales Tax
If you lease a car, you pay taxes on the monthly payment of the vehicle. If you buy a car, you pay taxes all at once for the full value of the vehicle. At the end of the day, you end up saving a lot of money by leasing a vehicle.
South Florida’s Premier Auto Concierge Service
No matter if you are in the market for a new luxury car, sports car, SUV, truck, hybrid, or sedan, trust Prime Motors to take care of your needs. We carry BMW, Mercedes-Benz, Lexus, Range Rover, Cadillac, Nissan and everything in between to make sure we provide the right car for you.
New car deals near you, Prime Motors delivers vehicles to residents located in:
• Delray Beach
• Boca Raton
• New York
• Los Angeles
• and throughout the Continental United States!
And with our delivery service, we can connect customers from all over the Continental United States with the perfect leasing experience and automobile customized specifically for them! Contact us today!