When leasing was first introduced, it was more geared towards business owners and employees. Now leasing is more open for everybody, and depending on the kind of lifestyle you lead, it could be the perfect thing for you. It’s time to take a look at the benefits of leasing.
Yes, a lease can be more expensive, but is it really? A lease has lower monthly payments, which means there is more money left in your pocket. With that being said, that extra money can be used towards other bills like your mortgage, or saving it for more fun things like a vacation. A lease also has a low down payment. What does that mean? Once again, more money in your pocket.
Leases also come with GAP protection, which protects you from unexpected costs. During a collision, or total loss, insurance doesn’t always fully cover it. Depreciation in ownership usually greater than the pay back to the bank. With GAP protection, there is no risk of a reverse equity. Leasing a car also helps with liability. Ownership of a car makes you responsible for any lawsuit arising from the use of your vehicle. With a lease, the Lessor carries additional liability as the owner.
A lease also comes with more options over obligations. This means, at the end of the lease, you can choose to lease a new car, or buy it to own it. There is also an option to sell the car, and make a profit. And with lower monthly payments, there is the option to upgrade to a higher trim level, which at some times, is not an option when financing.
With so many benefits of leasing, it makes choosing financing or leasing difficult. It is important to look over the benefits of both to decide which one is the best option for you to pursue.