The Pros and Cons of Leasing Your Next Vehicle

The Pros and Cons of Leasing Your Next Vehicle

If you’re looking to save some money when buying your next vehicle and you don’t want to get into spending too much, there are always a few queries that you may have. When it comes to leasing cars, there are a few pros as well as a few cons. In order to get into the depths of leasing a new vehicle, there are a few things that you should know first, in order to successfully take the plunge.

The Pros

When it comes to leasing a vehicle, there are several pros that come along with this decision:

  • Lower Monthly Payments: Since the cost of leasing isn’t very large, the down payment is low or sometimes, not even necessary. You can end up shelling out less money every month.

  • The Benefit of Choice: By leasing a car, you can also choose to shift to another brand or model per your liking and comfort more often. If you’re into different driving experiences that a new car may have to offer, leasing is the option for you.

  • No-Hassle Resale: Compared to owning a car, leasing a car does not come with the trouble of having to sell it or give it up, while in the endless search of a potential buyer and a good price. With a leased car, the dealership that you leased the car from handles the entire process when you choose to give up the car that you have rented.

The Cons

If you are still not sure whether you should by a car or lease it, here are a few cons to the leasing aspect that you might want to consider for your own benefit.

  • The Cycle of Payments: Even though the monthly payments and money down are usually less with a leased car, you will always have to pay the bill. The loan cycle has an endpoint when you buy a car, but with a lease, the cycle of payments continues except when the dealership that you lease it from has special plans in store.

  • Not Entirely Owned: It is obvious that the car you rent is not exclusively yours. This means that you have to be extremely careful about the usage and avoid all possible damage if you don’t want to incur a huge loss. In this case, you might feel the constant pressure of keeping the car spotless and in perfect condition, while this may not be so in the car that you own solely.

  • Staying Within the Range: If you’re the kind of person who is all for road trips and unexpected adventures, leasing can be an extremely expensive affair for you. Leasing always comes with mileage caps, which means that you will be charged with every mile that you surpass after the stipulated amount. This leaves you in a restricted traveling situation as compared to when you have your own car in which you can travel anywhere you want.

If you’re thinking of leasing a car, these are a few pointers that you must keep in mind before you end up making a decision.