5 Benefits of Leasing Your Vehicle
There are many benefits to leasing a new vehicle rather than purchasing a new or used vehicle straight out. Let’s go over some of them and explain how leasing can often be the difference between riding in style and a huge headache. The follow are great examples of why leasing is beneficial to the consumer that isn’t looking to hold on to their new car for twenty years.
Always Under Warranty
One of the great benefits of having a lease rather than buying is that your vehicle will always be under warranty during that time. You’ll easily be able to get the car serviced as needed, as this is almost always included as part of the lease.
You also get to drive a new car without the headache of paying for it over an extremely long period of time. Plus, when your lease runs up, you get to pick up a new car instead of driving around the same old outdated model. Likewise, if you actually really love your leased car, there are almost always options to purchase the vehicle after your New Jersey auto lease is up.
Lower Upfront Costs
One great reason to obtain a New Jersey auto lease is that the costs upfront are almost always going to be less than the upfront costs on a new purchase. First of all, a lease doesn’t require a down payment as high as buying the same car would cost. For ideal interest rates on a new purchase, you’d usually want to put down a large sum of money, up to 20% of the total value. So for those without a wad of cash in the bank, leasing may be the better option. Often a lease’s upfront costs will include first month’s payment, required documentation fees, and a refundable security deposit. The upfront costs on a lease can easily be a third of that of a new vehicle.
Lower Monthly Payments
While you could pay on a car for twenty years and have low payments, assuming anyone is willing to give you that loan, it’s much easier to get lower monthly payments by leasing a car than buying a new vehicle. A New Jersey auto lease could lower the monthly price as much as 50% when stacked up against buying a car outright.
Unlike buying a car, you won’t get taxed on the full value of the vehicle when you opt for a New Jersey auto lease instead of purchasing. Instead, you’ll only be taxed on that amount you pay, saving you a bunch of money.
These are some of the many benefits of leasing, and while there are definitely pluses to purchasing vehicles as well, it is to see how short term economics are improved through the leasing experience. Keep in mind that a lease does require a contract and there are some upfront costs, but generally speaking the benefits with maintenance and exchange of vehicles at the end of a lease are going to be worthwhile for many drivers.
If you’re weighing the pros and cons of leasing a vehicle compared to buying one outright, you might be seeing a lot of supposedly negative things about leasing. The fact is, however, that there are a lot of perks as well. With that in mind, we’ve put together five of the most significant advantages you will enjoy if you lease a vehicle rather than buying one. If you have any questions about these benefits, or if you are interested in learning how we can help you to get the best deal on your next auto lease, please give us a call at 718-871-CARS (2277).