The tides have started to turn: leasing a car has shifted in popular opinion during the past few decades, and as Marc Frons of the New York Times puts it: “cars now seem like gadgets that you can upgrade every couple of years.” If you are planning to stick with the same car for 5 or more years, perhaps buying a car outright may be the better option. However, a large number of owners choose to hold onto their cars for 4 years or less; if this is the case, leasing a car may make more sense in the long run, especially if you are a person that loves to drive a new vehicle. With the dramatic increases in technology every year, many car owners are looking for the latest in dashboard technology, such as increased phone connectivity, safety features, and digital perks like Apple Play.
How Does a Car Lease Work?
If you’ve never leased a car before, it’s worth to know how exactly a lease works. In essence, when you lease a car, you pay for the amount of depreciation that occurs while you use it. For example, say you take out a two-year car lease on a car that is valued at $35,000. The car has an estimated value of $28,000 by the end of the two years, which means two years of use depreciated the car value by $7,000. So, divide that $7,000 by 24 monthly payments – or two years – to get your base payment of $292 per month. There may be other charges such as taxes, but this is essentially how car leases are calculated.
Technically, you own the car and title while you are in possession of a lease. So, you can sell the car to someone else and they can take over the lease before your lease is up. In the case that the car’s value does not depreciate as fast as projected, the car is considered to have equity. You can use this equity as a down payment for a new lease when your return your leased car to the dealer or provider of the car.
Prime Motors can help you sell your leased car before the lease is up so you can pocket the difference. The idea behind this is that the person that takes over the lease will pay full value for the used, leased car. We can also help you get out of your lease if you are looking to buy or lease a newer vehicle.
Get a Good Deal on a Car Lease
Prime Motors takes the stress out of buying or leasing a new car. We ease the process of buying or leasing a new car, SUV, or truck by carrying a wide selection and range of vehicles; we carry over 30 different vehicle makes and models, so there is a number of unique vehicle choices for everyone.
Here’s how it works: you find the car that you want at our best price guarantee, and we deliver that car right to your door. There’s no need to even leave the comfort of your own home or office! We are a leading car leasing company in South Florida that serves Boynton Beach, Delray Beach, West Palm Beach, Boca Raton, and Parkland on a daily basis. If you’re ready to get started, give us a call at (561) 997-AUTO or visit our contact page for more information.