The Pros and Cons of Leasing Your Next Vehicle

The Pros and Cons of Leasing Your Next Vehicle

A lot of people have now started swaying towards leasing their vehicles instead of buying them and this is why leasing is a very popular trend among today’s generation. If you have your reservations about the whole leasing process over the traditionally opted buying process, you’re not alone. In order to understand more about possibly leasing your next car, you must always know all that there is to it. In order to provide you with a broader outlook on leasing, here are a few pros and cons that you need to consider.

The Money Factor

Leasing is definitely a cheaper and more affordable option in more ways than one. The monthly lease charges are much less compared to the monthly loan installments that you have to pay after buying your own car. Apart from this, the manufacturer warranty is another important asset that helps you save a lot of cash since the maintenance and service repair of the car is taken care of by the dealer.

Non-Stop Payments

Even though the amount is less, the downside to leasing a car is having to pay money with each and every month, or every cycle as stated by your lease agreement. This can seem like a never-ending task as you have to pay regularly, compared to when you buy a car and have to stop paying as soon as your loan is repaid.

The Newness

One of the most enticing parts of leasing a car is getting to drive whichever model you want and then go in for a completely new and snazzy model after your current lease is over. When it comes to leasing, the power of choice is yours. You can get your hands on any new car model or brand with the latest features and tech. This cannot be done when you buy a car for obvious reasons.

The Restrictions

When you lease a car, you really have to abide by the contract which the dealer draws for you. This includes making sure that you don’t cross the stipulated amount of miles that are mentioned in the agreement. If you exceed the amount, you are liable to pay an extra amount for each mile that you travel over and above. Another crucial aspect that you have to keep in mind is the safety of the leased car. If at all there is even the slightest amount of damage that has happened to the car, you can incur humongous costs at the end of the contract.

The Ease of Trade-In

Unlike the tedious and long process of selling the car that you have bought, it is extremely easy to give back a car that you have leased. All you have to do is take the car back to the dealer, drop in the keys and voila, you’re free to lease a new car or stop the process entirely.

These are a few important pointers, both positive and negative, that will give your possible thought of leasing your next vehicle, some good direction!