Getting a new car can be pretty exciting, but it also poses a lot of questions, some of which require forward-thinking. When it comes to getting into the newest model year of any car, there are some concerns that consumers should keep in mind. Often times, however, it is easy to get distracted by cool new safety features and technology and end up buying something they regret down the road. In some cases, leasing a car might be the happy compromise many buyers don’t think to consider.
Benefits of leasing
When you buy a car brand new, it will begin depreciating the moment you drive it off of the dealership lot. For many people, the comfort of being a car’s first owner can be comforting, as you can assure all of the maintenance is done correctly and at proper intervals. For others, it’s just enjoyable to have the latest-and-greatest thing on the market — much like with popular cellphone brands. To start off the list, leasing is a great way to dump the depreciation of buying a new car because you won’t have to worry about selling it when the time comes for an upgrade.
You can be a little less responsible
Leasing a car also has some benefits that most people don’t want to admit they want — they can get into a car they couldn’t comfortably afford else wise. Leases don’t always require a substantial downpayment, and they often come with maintenance schedules tied into the cost, so you don’t have to stress about affording expensive oil changes for high-end German cars. They are also covered by the manufacturer’s warranty, so it helps us ditch the stress of paying high mechanic bills down the road.
Of course, leasing isn’t for everyone, and there are always downsides to consider against all of the benefits. One major downside for many drivers is that a lease has a maximum amount of mileage you can travel within the agreed leasing terms, and the price for going over that mileage can be hefty. You can also never pay off a lease unless you buy the car after the lease has ended, which can become a cycle of never-end monthly payments. Unlike owning a car, you can’t just get rid of a lease any time you want, either, unless you want to pay a pretty large fine for ending your lease early.
Like purchasing a car, leasing a car can have its benefits as well as its downsides, so it’s important to analyze all of your options fully and pick the option that works best for you. When it comes to the latest 2021 models, many cars are available for leasing rather than purchase, and many offer the option to purchase the car once your agreement is over.