Benefits of Leasing a Car
Leasing enables consumers to trade up for a new car almost as often as they buy a new cell phone. That means they can get the latest in advanced safety and technology features for their vehicle. They'll also generally pay less each month than they would to purchase the same car. Depending on their location, significant tax savings may be another benefit to leasing.
Lower Monthly Payment: As you can see, unless you make a huge down payment or have a high-value trade in, leasing will almost always get you a lower monthly payment than you would get if you were to purchase the same car. You may even be able to add a few more options or upgrade to a more expensive model while staying within your car-buying budget.
No Need to Worry about Selling Your Trade-in: When the lease term ends, you simply drop the car off at the dealership.
Car Remains Covered Under Warranty: Most lease terms last three years, but there are both shorter and longer contracts available. Because three years is the same length (or shorter than) the basic warranty on most cars, you will have a predictable total cost of ownership. Some leases even include basic maintenance, so your only costs will be insurance and fuel.
Small Down Payment: For consumers who don’t have a lot of money saved up for a down payment or who have a car that won’t give them much back as a trade-in, leasing often makes sense. Many leases – especially advertised lease deals – have nothing due at signing, and it’s easy to find one that only requires a couple thousand dollars down. Remember, however, that just like with a purchase, the more money you pay at signing, the lower your monthly payments will be.
Always Have the Latest Technology: Today’s cars are rapidly evolving with higher fuel efficiency, advanced connectivity features, and high-tech safety gear that can help you to avoid accidents. With leasing, you can always be in a car that is nearly state-of-the-art without having to sell your car every few years. You simply swap your leased car for an updated model at the end of the lease.