If you think of getting a new car, whether for personal or professional use, there are two main ways you can go about it. You can either outright buy a new vehicle if your finances allow it. Or you can head to a place like Haines lease and lease a car.
In many ways, leasing a car is the wiser thing to do, but it also comes with several downsides. Check this text to learn about the pros and cons of leasing a vehicle and make the choice that suits you.
Why you should consider leasing a car
Before we get down to the downsides of leasing a car, let’s talk about some perks first.
First of all, if money is too tight at the moment and you desperately need a new car, leasing is the way to go. In most cases, you won’t even have to make an initial down payment when leasing a car – or that initial payment will be meager. But, of course, the same goes for all the upcoming monthly payments too.
Secondly, many car lease deals include some form of insurance. They also cover most of the necessary repairs – that is, those that do not cross the “excessive tear and wear” threshold. These companies also take care of all the required paperwork, so you don’t have to worry about it.
Next, you should consider that once your initial lease is over, you can simply pick to sign a new one and leave the dealer’s lot with a brand new car.
Finally, this means that you won’t be the one who will have to deal with all the hassle of selling your old car once you are done with it.
One more thing – if you are considering leasing several cars for your business needs, it is much easier to get a consistent make and model this way. Consistency matter because it has a positive impact on brand recognition and consistency.
Some downsides to leasing a vehicle
With all of the key benefits out of the way, let us look at some of the disadvantages of leasing a car.
In case it is not already obvious, you do not own the car you lease. You are not the owner, and it is not your asset – or at least it is not one before the lease is up. Lease contracts usually last from one to five years, and while a more extended contract might be a better financial fit for you, at the end of it, you will end up with a car that is already pretty old.
When signing the lease, take a good look at the mileage limit. Most car dealerships have a set mileage limit for the cars they are leasing, and that number varies between ten and fifteen thousand miles per year. If you cross that limit, you will be paying a hefty fine for each mile that is over the limit. So consider your everyday driving habits and pick an option that suits you – or try to haggle a better deal on the spot before signing any of the papers.
As you have read above, you do not own the car that you are leasing. This means that can do no customizations to the vehicle – no mad decals, no adding spoilers, no changing the way the car looks in any way. If this is an essential feature to you, maybe leasing a vehicle is not the right choice for you.
And finally, a lease contract is hard to break. Once you sign the paperwork, it is akin to renting a property, and you cannot simply get out of the deal whenever you feel like it. For example, when you own a car, you can always sell it if you are not happy with it. However, when ending a lease prematurely, you will have to jump through many legal hoops to make it happen and – most likely – spend a lot of money on additional fees.
To sum things up, leasing a car is not for everyone. Some people prefer to own their vehicle and do with it wherever pleases them. Others prefer to continuously drive the latest auto and enjoy all the latest tech and safety improvements with every new generation of cars. Only you can decide what is more valuable to you and which option suits you better.
