Most new car buyers don’t have the cash needed to purchase the car outright, which means car shoppers will need to determine how they will finance their big purchase. They’ll either need to obtain a loan from the dealership or a financial institution, or lease the vehicle. Here, we’ll go over the numerous benefits of leasing a vehicle.
More car for less money. When you lease a car, you basically pay rent on the residual value (that is the difference between the car’s sale price and what it is expected to be worth at the end of the lease term) over the course of a few years. If you were to finance the vehicle, you’d have to get a loan for the entire purchase price.
Small (if any) down payment. If you haven’t quite saved up enough to cover a down payment, leasing might be the best option. Most car leases require anywhere from $0 to a few thousand down, though they are negotiable.
Bumper-to-bumper warranties cover the life of the lease. Most bumper-to-bumper warranties last three years, the same amount of time as most leases. This means the car will be covered under the warranty for repairs for the duration of the lease.
Get a new car every few years with no hassle. If you plan to get a new car every few years anyway, leasing is definitely the best option for you. Every few years at the end of your lease, you simply turn the car back into the dealer, and pick out your brand-new car. If it’s important for you to have all the latest technology in your vehicle, leasing is the way to go. (You can always opt to buy the vehicle at the end of your lease term, just in case you can’t bring yourself to part with it).
If you hope to lease your next car, stop by Muller Toyota today. We’ll help you find the car of your dreams and determine the best way to get you into it.