Most people have been led to believe that buying a car is always the way to go, mainly because of the finances involved with being a car owner. That being said, there’s most certainly much to be said for at least considering looking at an auto lease quote. Get more facts to see if you, your goals and your finances are a better match for leasing your next car rather than buying it.
When You Want More Cash on Hand
One of the main considerations when either buying or leasing an automobile is the overall cost. In terms of monthly payments, leasing is often the better bet if you want to drive a standard everyday car; a luxury or exotic vehicle will cost you more. The money you save on monthly payments can be put towards savings, retirement, your mortgage or anything else you need a bit of extra cash flow for.
You Don’t Drive Much
If you only drive every other day or don’t go very far when you do drive, leasing is likely to make more sense for you. When you lease a vehicle, you choose a mileage package, which means you’ll want to have a solid idea of your driving habits and consider whether you’ll make any road trips in the future before you decide to lease. Know that if you go over your miles, you’ll be charged more. You can also choose to buy more miles when you first lease your vehicle.
You Don’t Want to Go Broke Paying for Car Repairs
One of the biggest gripes when it comes to owning a car is paying for repairs. But one of the best things about leasing a car is you’re under the vehicle’s factory warranty, which means there’s less chance of you going broke paying for repairs. But just to be on the safe side, you might want to lease a Ford with insurance.
Driving a New Car Every Few Years Sounds Appealing
Most people buy their cars and drive them until the wheels fall off. If you’re someone who enjoys the idea of driving a new car every few years either to enjoy new automotive technology or because you simply like variety, leasing could be the perfect match for you and your desires. This is better than feeling stuck with the same old car or settling into a feeling of boredom every time you get behind the wheel.
You Take It Easy on Your Cars
If you have kids or pets, or even if you’re known for having random scratches and dents on your car, you might want to give a second thought to buying. Leasing companies commonly charge what’s known as wear-and-tear fees, which are usually as much as three months of lease payments.
You Use Your Car for Business
Another great thing about choosing to lease your next automobile instead of buying it is you can deduct a percentage of the financing and depreciation costs on your taxes, but only if you drive the car for business rather than solely for personal use. To keep from getting caught in the IRS’s web, you’ll want to be sure to consult with a tax professional to figure out all the necessary calculations and make sure you’re deducting your taxes according to the latest requirements and regulations. One tip is for you to make sure you keep careful and consistent track either of how much time you spend using your car for business, or how many miles you drive your car for business.
Trade-In Snafus Don’t Appeal to You
When you’re ready to trade-in a vehicle you bought several years ago, there could be issues in terms of how much you feel it’s worth and how much the dealership feels it’s worth. While you could always sell the car yourself, that might be more work than you’re willing to put in. There’s also the fact that sometimes car owners have to take the car in for repairs so they can maximize the vehicle’s overall value, which may or may not be worth it in the long run. Trading in a leased car is usually much less painful and frustrating.
It’s always great to have options when it comes to driving a car. Sit down and look at your lifestyle, finances and driving habits to see if you’re better off leasing your vehicle rather than buying it outright.