With the advancement in technology, new cars are being launched in the market every year that not only are more stylish design wise but are also more fuel-efficient and faster. Well, if you are a huge fan of cars who just don’t want to miss the fun and the thrill of driving all those powerhouse machines that you saw on your nearest dealership stores, then the perfect option for is to go for car leasing.
There are plenty of people who prefer to lease a car rather than buying one. This way, you will always have the brand new car in your garage that is enough to make your neighbour jealous. Generally, the majority of the people who own cars actually take an auto loan and pay the loan on a monthly basis and it takes them years to get the complete ownership of that car. And till then the resale value of the car decreases rapidly. But this will not be the case when you have a car on rent.
Here, in this blog, we have mentioned the top reasons why leasing a car is more beneficial than buying one. So let us explore them one by one.
What makes car leasing a better option?
Opportunity to drive a car that you cannot really afford buying
When it comes to the cost of cars, the sky is the limit. Today, automakers are manufacturing cars that are luxurious, fast and packed with tons of amazing safety features and it is quite obvious that the prices of such vehicles are kept high. Often, people don’t buy the car that they wanted due to the price and they compromise with the cheaper options. Well, with car leasing, you can drive your dream car which you couldn’t afford for years and the only thing that you will have to do is pay the monthly instalment. However, the auto dealer will ask you for a deposit that is generally 3-6 times the instalment. If you don’t have the money in your pocket currently to pay for the amount, then you should get in touch with direct lenders who can provide you 100% guaranteed loans. Also, after the time period is over for the lease, you can hand over the car and see for others on your favourite car magazines.
The Ultimate perk of warranty coverage
As most of the car leasing is done for few years, this means that you will get to use the car while it is in the warranty coverage. So, you won’t have to worry if there is a need for sudden repair in the vehicle as you will get it done without paying anything. Most of the automaker provides warranty coverage for at least 36 months so when you will be getting a car on a lease, you will be provided with the perk of warranty just like other people get when they buy a vehicle. However, you have to ask your dealer about all the repair cost and damages that the warranty will cover. Other than that, you can even extend the warranty of the car and for that, you will have to pay a certain amount of money to the dealer or directly to the manufacturer’s website.
The overall cost will be less than the financing
One of the biggest advantages of leasing a car is that the monthly payment that you will be paying will overall cost you less than financing the same car. Many people think that in leasing a car, a person will end up paying more than the actual cost of the vehicle but this is not true. The only payment that you may have to make will be when you have not managed to maintain the vehicle in the good condition. The dealer may ask you to pay for the damage caused due to the tear and wear on the vehicle. Therefore, try to stay away from those parking dents as much as possible.
Worrying about reselling of the car is not your concern
Most people who buy a car eventually have to sell their vehicle at a price far lower than the price they had paid to the dealer. The reason behind this is that the depreciation rate of vehicles nowadays is quite high so the reselling value of vehicles is not that much. Well, this is not something that you have to worry about when you take a car on leasing. As the period of the ownership of the vehicle is completed, you just have to hand over the car keys to the dealer. Well, in the end, the dealer will inspect the vehicle and check for any damages and if the condition is right, then you are all set to go.
Down payment will not break your bank balance
Another great reason why people prefer leasing over buying is that the down payment on the lease is significantly lower than the down payment done on the financed car. Also, if you need financial assistance to pay for the down payment of the leased car, you can apply for a guaranteed payday loan by getting in touch with the right lender. This way, you can bring the car easily inside your garage without worrying much about the payment. There are even some automakers or dealers who can lease the car without asking for any kind of down payment. All you have to do is bring the car home and pay the instalments from the next month.
You can even buy the car that you leased
This is a benefit about which many people have no idea or probably didn’t have a clear understanding. Time to unfold this benefit- there are many dealers who give the option to the users to buy the car that they leased after its leasing period is over. Well, buying the same car all new from the showroom can be very costly and also buying a used car comes with risks. But, in this case, it is you who have used the vehicle so you pretty much know the history of the vehicle and know how compatible you are with the car. In short and simple words, you can say that leasing a car is just like a long-term test drive of the car.
A Fixed cost which means no unexpected expense
Lastly, the leasing a car comes with a fixed cost which means that you won’t have to deal with any random bills or expenses. You will know how much exactly you will have to pay every month and you can create a budget accordingly. Other than that, you can include other things along with your leasing payments such as that for servicing and maintenance as well. Thus, you won’t have to worry about any random expense that would come in the name of maintenance or even servicing.
Wrapping up, these were all the reasons why you should go for a leased car rather than financing one. So, if you are planning of getting a car, then make sure that you are well aware of all the options that you have in your hand.
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