If you can’t afford to purchase a car or are in a foreign country and see the need to drive around, then leasing one can be an excellent alternative. In this read, we are going to take a look at several benefits of leasing a vehicle.
The primary advantages include:
1. You will be able to drive a vehicle that you wouldn’t otherwise be able to afford.
2. In most cases, you won’t have to worry about road tax
3. Car leasing doesn’t always need a down payment or a deposit.
4. Lower maintenance costs compared to owning one.
5. You will avoid car depreciation costs
6. After the lease period is over, you have the freedom to get a new car.
In the following section, we shall discuss in detail why leasing a vehicle can be an attractive option.
Given the car ownership doesn’t pass to you during the rental period, the monthly payments will be way less compared to purchasing a car.
You will agree on a fixed monthly payment amount at the start of the contract term. Most leasing periods are usually between 2 to 4 years, but other periods can be arranged, depending on the situation. With a low fixed monthly payment schedule, you’ll have the benefit of spending the saved money on other endeavors.
Leasing a car, more often than not, doesn’t require a down payment or a deposit. However, you can certainly expect registration fees. Most car leasing options just call for the minimum deposit and a lower upfront amount compared to a conventional car purchase. This makes car leasing a more affordable option for most individuals.
Maintenance on a Leased Vehicle
Leasing also offers pretty low maintenance costs compared to conventional means of buying cars. That’s because when you lease a car, you do not retain ownership and so, the maintenance costs are covered by the leasing company. If a leased vehicle needs repair or servicing, which usually includes exhaust and tire replacement, you can expect the costs to be covered.
When you lease a vehicle, road tax and ascertaining that you’re up to date on payments will be the least of your worries. That’s because these things are often covered on the lease agreement.
After the Lease
After the agreed-upon period is over, you will be able to exchange the vehicle for a new one. This presents an opportunity to reap the benefits of having a brand-new vehicle regularly. This allows you to take advantage of the ideal performance, safety as well as fuel economy. It ideally means that you’ll be able to avoid the substantial depreciation costs as you don’t own the car.
Drive a Car That You Can’t Afford
This one is obvious, but it is one of the sweetest things about leasing a car. If you have always wanted to drive that Ferrari but don’t have the money to buy your own, you can always head to a car rental and lease one for a certain period.
Leasing is a great way to get a car to get around, but ensure you read the terms and conditions before committing to any contract. Always do your homework.