5 Reasons to Lease a New or Used Vehicle

The process of getting a vehicle can be overwhelming, and when faced with the decision of whether you should buy or lease, it can become even more confusing. While there are benefits and downsides for both buying and leasing, there are some very good reasons to consider a lease. Here are some of the best reasons to lease a new or used vehicle.

The Lower Out-of-Pocket Costs

A lease is essentially a long-term rental. You sign an agreement with the dealer and pay for the use of the car. Most contracts last between 36 to 48 months and require little to no down payment. When you buy a car, you often pay a significant down payment in order to keep your monthly payments lower. A lease will allow you to get into a car without shelling out any money up front and you can keep the monthly payments down.

Depending on what state you live in, leasing a car can also save you money in sales tax. You may only have to pay tax on any amount you put down and your monthly payments. Make sure to check out the rules in your state before making any decisions.

Leasing Can Keep You in a Late Model Car

If you always like to have the latest gadgets and technology, leasing is an excellent option. Since you will only keep the car for about two years, you can upgrade easily when new models come out. Leasing makes it easy to stay in a new car without having to worry about trade-in values.

 Lower Repair Costs

Another benefit to driving a late model car is you are always covered by the manufacturer’s warranty. This often includes regular maintenance and oil changes, and if something goes wrong with the vehicle while you have it, the warranty will cover most repairs. The dealership’s service department will most likely take care of any repairs without any hassles.

Leasing Allows You to Get Into a Higher End Vehicle

If you’ve always wanted to drive a luxury vehicle but just can’t afford the car payments, a lease might help you get into one. Since monthly lease payments are often lower than a loan payment, you can look at higher end vehicles and higher trim levels to get even more technology and safety features.

Hassle-Free Trade-Ins

When your lease is up, all you need to do is return the car to the dealership and pick up a new one. You don’t have to worry about selling the car to get into a new one or haggling over its trade-in value. With just a few signatures you can drive off in a new vehicle the same day you bring in your old one.

There are benefits and drawbacks for leasing a vehicle, but in many cases, the benefits outweigh the downsides. Make sure to consider all your options before deciding since you will have to live with it for several years.