6 Reasons Why You Should Lease A Car
Posted: Oct 19, 2015
It's always tough to make the decision of buying versus leasing a car. You know you need a vehicle to get around Los Angeles, and you want a car that is up to the standard of vehicles in L.A.--usually meaning a new vehicle.
Buying a new car has its advantages, but there are a number of reasons why it may be better to lease a car:
Drive a nicer car -- Have you ever wondered how your next door neighbor (who earns roughly the same salary as you) manages to always have a luxury car in his driveway? Here's a hint: over 75% of luxury vehicles are leased! The lease on a top-quality car is much more affordable than the monthly payment for a new car. If you want luxury, it's smart to consider leasing.
More affordable down payment -- What's the down payment on that brand new vehicle from the dealership? You're probably looking at no less than 20% of the sticker price, which could be quite a hefty sum if you're considering a luxury vehicle. The down payment on a lease is usually very low, or sometimes nonexistent! Find the right "zero down" lease, and you can walk out of a dealership with a brand new (leased) vehicle without spending a single cent!
Lower monthly payments -- Did you know you'll pay quite a lot less per month for lease payments than for loan payments? According to Edmund's, leasing a 2015 Honda Accord EX (with a value approaching $25,000) costs you nearly $60 more per month for monthly car loan payments. When you lease, you can save big over the course of years!
Save money on taxes -- When you lease a vehicle, you pay taxes ONLY on your monthly payment. When you buy a vehicle brand new, you have to pay taxes on the ENTIRE amount within 30 days of the purchase. All things considered, that's a pretty hefty sum! Bonus: if you lease, you may even be able to talk the dealership into covering the sales tax for you.
Low maintenance costs -- The average car lease lasts for 2 to 3 years. During that time, the vehicle is covered by warranties. Any problems, and you can take the car to the dealership for a no- or low-cost repair. Purchase an extended warranty on the car if necessary, and always ask the dealership for free maintenance!
New car smell -- How much better does it get? Just when the new car smell is wearing off, your lease is up and it's time to trade your vehicle in for a newer model! You'll always come away with a beautiful vehicle.
As you can see, there are definitely some great benefits of leasing a vehicle, so it's in your best interests to consider it next time you need a car.
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