Leasing a car is the perfect option for those looking to stay up to date with the latest automobile trends, all while avoiding spending large sums of money in one go. Buying a car outright is often accompanied by plenty of self-doubt and financial stress that leasing can completely bypass. The leasing period typically stretches over a 36-month contract and involves monthly installments. Most contracts can be tailored to your specific needs. They will include optional maintenance packages as well as having the mandatory tax contribution included in the sum you pay every month.
Below, we have included all of the relevant information you need to navigate the world of car leasing and unlock new potential when it comes to your experience on the road. There are also numerous car leasing specialists in the industry who have set up user-friendly sites that are easy to navigate with no hidden costs.
Why Leasing a Car Is the Way To Go
There are numerous pros to leasing a car. If this option is a potential for you and you have the financial capability and flexibility, here are a few key pieces of information that will help you decide whether to invest in leasing your next vehicle.
Minimise Monthly Costs
Overall, leasing a car does reduce the monthly burden of the various costs involved in buying a car outright. A down payment is still required when leasing a car, but the difference is quite significant when compared to the down payment of buying a car.
Minimal monthly costs mean you have a larger variety of cars to choose from, allowing you to ‘splurge’ on that luxury car you would have otherwise dreamt about whilst being stuck in traffic.
Something Old, Something New
Missing that new car smell? Swap your current vehicle out for a new and improved version every couple of years. Leasing contracts usually last around 36 months, allowing you to trade in for the zootier version much earlier than you would have done with your own vehicle.
You’ll never fall behind the times if you upgrade your wheels every three years or so.
Handing the Keys Back
At the end of your leasing contract, you are presented with the option to buy the vehicle outright or return it and upgrade. If you wish to return the vehicle, it is as simple as handing back the keys and paying off the end-of-lease fees.
Keep in mind that the vehicle will be checked for any damage or maintenance needs, and any abnormal mileage will be taken into account.
When opting for a 3-year contract, the most likely scenario will be that the 3-year warranty every car comes with will cover the cost of repairs and damage during your leasing period.
Leasing avoids the unknown costs you might face down the line, as most cars need yearly upkeep and testing.
Leasing is highly beneficial for businesses. At the end of every tax year, your business may be eligible for a greater reduction than a loan. Remember when choosing your vehicle that a luxury car tends to have different limitations than a standard car.
Where to Start
Starting the process of leasing a new vehicle is simple. Reach out to a trusted provider of your choice, and the process will begin. You will be put in contact with a consultant who will help you choose a vehicle and a plan that will suit your specific needs.
A leasing value will be calculated according to the vehicle you choose, as well as the vehicle’s age, purpose, and intended use. After this initial paperwork, you will discuss with the leasing agent whether or not you would like to include one of the various packages they have on offer.
There will most likely be a maintenance bundle available and tailor-made bundles for you to choose from. Once you have made your choice, the direct debit will be set up, and you will be required to sign your leasing contract, which will later be forwarded to the address of your choice.
There are no hidden costs, fees, or policies throughout the process.
Things to Remember
Before deciding whether to lease or not, the consumer will need to consider a few minor details. You do not own the vehicle and, therefore, are more restricted than if the vehicle was yours and yours only. More often than not, there will be a mileage restriction on the vehicle, limiting where you are able to drive.
If you wish to customize the vehicle in any way, you may be penalized down the line when you return the vehicle to the dealer. As well as this, you have no control over the car’s selling price and will have to accept a reduction in value as you would when buying and selling any vehicle.
As previously mentioned, when you return your vehicle for trade-in, you may be subject to covering any modifications, extra mileage, or damage incurred during the lease. There are very few downsides to leasing a car, but it is definitely something you should do your research into prior to committing to the full 36 months.
And if you don’t want to lease, you can always buy a used car (especially if a new vehicle is out of your budget). There are also plenty of dealerships that offer well-maintained used vehicles for a low price. For example, if you live in Atlanta, you should check out high-quality used cars in EchoPark.
Car Leasing – Conclusion
Leasing a vehicle suits a flexible lifestyle with varied driving requirements and a financial situation that can support monthly installments. Choosing a leasing contract over owning a vehicle outright will unlock new possibilities as a car owner. Luxury cars are no longer out of reach with the various leasing contracts available to the everyday individual or business owner.
If leasing piques your interest, reach out to a car leasing specialist and inquire about the numerous packages they offer. This is the fastest way to determine if leasing is right for you. A leasing agent will quickly determine if you are fit for a contract or what you will need to get in place if you wish to lease.
Get a new lease on life by finding the right car lease for you!