When it comes time to get a new car it comes down to personal preference whether you decide to lease or buy. Although with a lease you have to be conscience of mileage and you do not own the car by the end of the lease, there are still pros to leasing that outweigh any cons.
Low Monthly Payment with No Money Down
If you have ever gone in to compare the payment difference between buying and leasing a car, you will notice a lease payment is half as much. With the huge price that a new car costs these days, divide your $45,000 truck into a six year loan, so $625 a month for 72 months, and that’s at zero percent interest, so why would anybody buy when you can lease for $350. Is owning the vehicle by the end really that important? Probably not, as you will not get more than a few bucks for it anyways. If you’re looking to get the most for your money it also means you can drive a better car for less money. Also, having a lower payment comes with less risk. Ask yourself, how long does a repossession stay on your credit report. The answer should convince you of the benefits of less money out-of-pocket.
Repairs fall under Warranty
I know with the last car that I owed for ten years, there are many repairs that can come up over the years, not to mention regular maintenance that is needed throughout the life of the car. With a lease, especially a short 2 or 3 year lease you can get away with not having to get new tires or brakes. When you own a car you can look forward to a couple sets of tires, many new brakes, shocks, or the alternator going bad.
New Car Every Few Years
I’ll never go back to “owning” again and instead will gladly get a brand new car every 2 or 3 years. I am fortunate to be a repeat customer to a great salesman, so the process is pretty hassle free and will take advantage of whatever current deal is available at the time of my lease turn in.
Not Getting Screwed on a Trade In
The drawback of trying to trade in a used vehicle is getting almost nothing for it, especially if you have owned and taken care of it. I owned mine for ten years, was in great condition and was offered $1,000 from the dealer, so had to go through the trouble of trying to sell it privately, where I got 2.5 times as much.