Purchasing a car is easier than ever before. You can purchase it online now so there is no need to waste gas and time at a dealership. Also, there are more options available for buying or leasing the car. The choice is up to you in deciding whether to lease or buy.
However, leasing a car, in many cases, is better, and the reasons are as follows:
Initial payments are lower
You don’t have to worry about making huge down payments. Also, you can obtain savings in the short run because the monthly bill is much lower. Even though there is a lot more interest, the principal payment portion is typically considerably lower than a loan. For instance, you can buy a luxury car that may have a monthly payment of $650, but it may be $350 per month when you lease it.
No worries concerning resell
With leasing, you don’t have to worry about trying to sell or trade-in your used car to a dealership or a private buyer. All you must do when leasing is to return it in a few years. You are just required to pay any ending lease fees, including additional mileage or abnormal wear.
Tax deductions can be maximized
For business purposes, you can afford additional tax write-offs than a loan. The IRS enables you to deduct the financing and the depreciation costs that are part of every monthly payment.
You will always have a new vehicle with worry-free maintenance
You can lease a vehicle for a few years, return it, and get another new car. Maintenance will be readily available due to a warranty that lasts about 36 months. So, most repairs are covered, and there is no need to worry about any major, unforeseen expenses.
You encounter other lower costs than you would in buying a car
You’ll pay little to no down payment. Also, you’ll have lower repair costs due to the factory warranty included. Michael Oz from Oz Leasing explains that one reason people choose to lease a car rather than buy it is that the monthly payments are generally much lower than a monthly car loan payment would be.
You’re paying for depreciation only
Buying a car is dumb on one sense because of the severe hit on massive depreciation. Whereas with leasing the vehicle, you only pay for the depreciation. In other words, your calculated payment is based on the sales price minus the residual value. Then, you just return the car when the lease is over. It is like renting an apartment where you pay while living there and return the apartment to the landlord when the lease is over.
Besides the fact that obtaining a car is easier than ever before and there are some obvious benefits of buying a car, leasing is far better in many cases. It all just depends on your goals and what works best for you. From getting more car for less amounts of money to ensuring you always have a new, reliable ride, leasing is the best choice in many cases.
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