In recent years, car leasing has become mainstream and does not look like it is going anywhere anytime soon! Whilst buying a car on finance was always the preferred option, this huge spike in car leasing suggests otherwise as more and more people instead opt for this option. So, why has it gained so much popularity? And is it the right option for you? Here, we take a closer look!
The Pros of Car Leasing
On the surface, leasing a car is definitely more appealing, but is this really the case? Here are the main advantages of leasing a car.
- When you lease a car instead of buying, your monthly payments are normally much lower compared to buying a car on finance. When leasing a car, you are essentially covering any finance charges, plus the amount that the car has depreciated in the time that you have it.
- When leasing a car, for the most part, you will be driving a new or fairly new model. This means that you can enjoy the manufacturer’s warranty and all of the perks that come along with it. This can include free oil changes and other scheduled maintenance.
- One of the major perks of driving a leased car over buying is that you can normally afford to drive a costlier car! This gives you the opportunity to drive your dream car that you be not otherwise have been able to afford. These cars also tend to be better equipped and offer more in terms of technological advancements.
- There is no need to worry about any fluctuations in your car’s trade-in value. What’s also fantastic is that you do not have to go through the hassle of selling the car.
- If you are a business owner, car leasing is normally always the best option as you can save in tax.
- Once your lease is up, the process is extremely easy. All you need to do is drop off your car and then pick up your new car if you are starting a new lease.
Who Car Leasing May Not Be Suitable For
Car leasing is a great option for most, however, there are a few groups of people who it may not suit.
- Are you careful with how treat your car? If not, you may want to think twice about car leasing as you could be hit with wear and tear charges.
- Those who do a huge number of miles may not find the mileage limits on car leasing suitable.
- The car you are leasing will never be yours, which may not suit some people.
For the majority of people out there, car leasing is a fantastic option! Head on over to a site such as www.genusleasing.com to take out your first car lease today!