Car Leasing Pros and Cons List
There are a lot of options that you can choose from when you are in need of a vehicle. Not only can you choose from different makes and models, but you can also choose how you will finance your car and if you will opt for new or used.
If you want a new car, you do not necessarily have to buy a new vehicle. You do have the options of leasing a car. When you lease a car you never completely own the vehicle, but there are a few upsides that you get access to that make it worth it. It is time that you learned what the real pros and cons of leasing a car actually are. This will help you to make a much more informed decision.Leasing might be right for you but you need to know what you are getting into. Here are some of the pros and cons of leasing a car.
Pros of Leasing a Car
1. Pay Less
When you get access to a brand new car, you want to be sure that you are paying the least amount possible. You might not realize it but the monthly payment that you have when you lease a car can be significantly less than when you are financing the whole payment for a new car that you buy. This means that if you are looking for a way that you can save money and make sure that your monthly payment is reasonable, it might be a good idea to choose to lease a car.
2. Less Stress With Repairs
If you own a car the stress of taking care of all repairs and maintenance is on you as the car owner. Another selling point of being able to just lease a car is that you will not have to worry about repairs and maintenance. This means that you can just enjoy driving your car and you can leave all the repairs to the dealership. While you are leasing a car it is under warranty, so they will take care of all the maintenance and repairs. This will save you even more money and headaches on the long run.
3. Always Driving Something New
If you do choose to lease a car, you can be sure that you are always driving a new vehicle. This is because you can constantly lease a new car once your old lease is up. You never own the car, so you just have the same monthly payment, but you get to drive a brand new var that is the latest model. This means that if you are a person that always like to be driving a new car, it might make the most sense for you to just always lease. This is the only way that you can be sure that you are always driving a brand new car.
Cons of Leasing a Car
1. Limit On Miles
One of the main downsides to leasing a car are the mileage restrictions. This means that since you do not own the car, you are not able to just drive it as you please. If you drive it more miles per your lease than you are allowed, you will be paying overage fees that can be pretty hefty. This means that if you put a lot of miles on your car, it might not be a wise idea for you to think about leasing a car. It will be very expensive to go over miles allowed.
2. You Never Own
When you are buying a new car to own you make monthly payments and you eventually own your vehicle. This is different from leasing because you never actually own your car when you are leasing. You are still making a monthly payment, but you never have ownership of the car as a result. The amount that you are paying might be lower, but you will always have a car payment. This means that if you are someone that wants to own something for the money that you are paying monthly, leasing might not be the best option for you. You just need to determine what makes the most sense for you and see if you want to always have a car payment that you are paying. If you lease your car payment will never go away.
As you can see, knowing if you should lease or buy a car is not always an easy decision. There really is no right answer and it often comes down to what works best for you. This means that it all depends on what you want and how much you are willing to spend to get it. In many cases, leasing is the smarter decision so it is something that you should be willing to consider if you always want to have a new car.