Why Is Lease-a-car Option Better Than Buying?
Lease a new car rather than purchase is a personal preference. For some buyers, buying or leasing is a finance matter, while for a few it about getting emotional with the vehicle. The lease a car scenario has also changed in the last couple of years. For decades, drivers dreaming to drive in luxury cars chose the lease-a-car option but today, you will find leases on compact cars, small SUVs, and even mainstream sedans.
Before you determine which option to choose understand the main distinctions between leasing and buying.
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Leasing basics
Lease-a-car means you are renting the vehicle from a dealer for a specific time. As soon as the contract ends, you will return the car or purchase it from the dealer at the amount defined in the contract. Working is different than purchasing a car. In purchasing a car, it means you will be the owner as soon as you pay off the loan.
Here are some good reasons why a lease is better than buying. Read them before you visit Lease A Car Direct Services, the best South Florida auto broker that has been serving the people across Miami Dade County, Broward County, and Palm Beach County. The professionals are well-knowledgeable and capable to negotiate with car manufacturers. Customers can enjoy a dream car at affordable prices.
Low monthly payments
Buying a dream car must never remain a dream because of the high monthly payments. Lease-a-car is an appealing alternative as the payments are significantly less than paying monthly car loans. The reason is that lease payments cover car deprecation instead of the entire vehicle cost. If a tight budget does not allow you to buy the dream car and you don’t desire to buy a pre-owned one, then leasing is a great option.
Low down payments
Several lease contracts need a little down payment but some dealers waive it depending on the contract length and chosen car. Sales tax is less on lease and is calculated on monthly payments and not total car cost like in purchase.
Pre-owned car loans accompany unfavorable terms
Lenders offer high-interest rates and short terms for pre-owned car loans in comparison to the purchase of a new car. This can affect the monthly payments. Alternatively, pre-owned car shoppers can choose brand new car under warranty for much less choosing the lease-a-car alternative.
Less maintenance & repair costs
Pre-owned car’s maintenance and repair costs are more. In the lease-a-car option, the vehicle is new and under warranty. Therefore, costly maintenance and significant repair costs are avoided. A few lease providers offer routine maintenance, which makes leasing tempting than buying.
Safety and prestige
Lease-a-car offers the benefit of buying new at a low cost. The new car will be equipped with advanced safety and technology. It is crucial to keep everyone riding or sharing the car safely. For some people driving a new high-end car matters, so leasing is a better alternative than buying pre-owned vehicles.
Are the above reasons good to lease than buy? Weigh the advantages and disadvantages of leasing a car. Compare leasing and buying costs before you make a decision.
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