It may seem like an obvious choice when you need a new car that you simply go out and buy one. You shop around and try to get a good deal. Buying is not always the best option. Sometimes it makes more sense to lease your next vehicle.
The reasons could be financial, as in you may actually spend less money. Lifestyle, personal preferences and practicality also come into play in the decision making process. When you are in the market for a new car then keep an open mind to leasing. We leased our last car and it was a great option for us.
Here are some of the advantages to leasing a car.
1 - Lower monthly payments
If you are on a tight budget but need a reliable car, then long term leasing may be your best option. You can even check out what your expected payments would be before you ever step foot at the dealership.
In almost all cases, the monthly payments are less than if you were to buy the car outright. Of course the downsides are that you don’t own the car when the lease is over and there may be over mileage charges.
If you don’t have a long commute and take good care of the car, then you shouldn’t need to pay any overages.
2 - Fewer repair expenses
Always having a new car means always being covered under a warranty. When little things go wrong, you don’t have to worry about getting a bill because the warranty has expired.
You’ll still be responsible for the maintenance like oil changes and tune ups, but when you have a leaky gasket or a clutch fails, then these things are almost always covered.
When your car reaches around 100,000 miles, things start to wear down and break. A timing belt is something that can be quite expensive to change and can be avoided since you won’t have that car when it reaches that high mileage.
3 - Try out a car before buying
Let’s suppose you were looking for the best family car and settled on a car you just didn’t like. If you bought it you would be stuck with it. When you lease you turn it in after your contract and get something more suitable.
If you bought, then you would have to try to sell it or just live with it, quirks and all.
4 - Never need to sell a car
Busy mums and dads really don’t like adding more items to their to do list than is necessary. And trying to sell a car when you are busy with work and kids can be a real nightmare. Trust me - last time we tried to sell our car privately took months.
Bargain hunters can waste your time with low offers and even if you do manage to sell, the paperwork can be frustrating.
5 - Enjoy some luxury
You may have always wanted that luxurious Mercedes with leather seats. When that car is way above your budget, then you can always lease it and enjoy that luxury albeit temporarily.
With a lower down payment and lower monthly payments, you can enjoy a car you otherwise couldn’t afford.
Artist, Baker and Blogger. Mum to my two beautiful, cheeky girls. Muddling my way through parenthood with equally cheeky Husband.