We all have priorities, and such preferences make us decide if we are to lease a new vehicle or purchase the car. Some drivers feel that leasing or buying a vehicle rests on the fact of cents and dollars. While others think it is the emotional connection to the vehicle that will determine if you should lease or purchase a car.
But what about you? Which do you think is right? Is it to lease or buy a vehicle? Well, before deciding, we have first to understand the key distinctions.
Key Factors To Consider Before Leasing A Vehicle
- To lease a car means you want to rent a car for a specific period without equity being built.
- If you decide to buy a car, you should know that you are the owner and that you can build equity in the vehicle with your monthly payments.
But, is there benefits of leasing a car?
- Every few years, you have the privilege of getting a new car.
- There is going to be a tax reduction.
- There would be no resale hassle.
- You will have a lower monthly payment.
But despite all these benefits, Experts concluded that purchasing a vehicle is a good decision financially for the long term.
When you decide to lease a vehicle, you are renting the car from the car dealer for some time. The period is usually 36 or 48 months. By the time your lease period has elapsed, you will have to return the vehicle to its owner, or you can otherwise buy the car at a predetermined amount which has already been added to the lease contract.
There is a huge difference when you decide to buy a car because purchasing a vehicle shows that you now own the car after paying off your loan.
Main Advantages Of Leasing A Vehicle
People tend to drawback on leasing because no equity of the vehicle is acquired. And they feel that it is similar to renting a car for a specific period because after you have made your monthly payments, you still don’t have ownership of the vehicle each time the period of leasing expires. But do you know that there are advantages to leasing a car? We are going to consider a few of the benefits.
People who are concerned about the monthly cost of getting a new car have the opportunity to make a lower monthly payment. Such payment is significantly less than when you want to indulge in a car loan. With leasing, you can as well go for a luxurious car at an affordable leasing price. You will make sure that your insurance will cover any lagging charges.
- A New Car Every Few Years:
Everyone likes to feel like a king; hence, driving in a brand new car each year will increase your ego. If you’re going on a budget and do not have the money to buy a new car every year, then through leasing, you achieve to use a new vehicle each year.
A warranty of three years comes with a lot of new cars lately. So if you go for a three-year lease, it will cover the repair of the vehicle because of its warranty of three years. Through leasing, there has been an elimination of hazards to unforeseen expenses.
The leasing process has helped so many people today who long to use a new car. As we have seen above, leasing a vehicle is less flexible when compared to buying. But such a leasing contract doesn’t give support to any customization.
Despite the benefits of leasing, there are still some disadvantages involved, so proper consideration needs to be followed before you decide to lease a vehicle. Keep in mind that your driver’s needs, financial situation and individual lifestyle will help you make the right decision.
Signature Auto Group New York Trusted Car Leasing Company
As a company we learned a long time ago just how significant it is to have talented, loyal and motivated staff to serve our clients in every aspect; before, during and of course even after such an important vehicle purchase. Even though this will always be an ongoing process, this organization has been fortunate to have attracted and retain such extraordinary individuals at every single level in this company.
We are honored to serve all Signature Auto Group clients past, present and future clients in the major areas of the United States and around the rest of the world. Signature wants their customers to enjoy life to its fullest. We also have high standards that the staff agrees with and are committed to providing you with the service you deserve. The sales staff is extremely knowledgeable about our products and is there to get you the fantastic vehicle that you want and desire. Come on in and check out our extensive inventory that includes all the latest makes and models of vehicles. It doesn’t matter whether you are wanting to purchase or lease; we have the perfect plan for you. And don’t forget to check out our specials, we are always having great lease specials on a lot of the new vehicles in stock.