Determining whether to lease or buy a car is something that a lot of people struggle with. Needless to say, both options come with plenty of advantages and disadvantages to consider.
At the end of the day, the best decision is the one that will meet your needs, budget, and long-term goals. Where leasing is convenient for some people, taking out a car mortgage is ideal for others.
It is important to note that when you lease a car, you do not own it. Instead, you pay a fee so that you can drive it for a set term under certain conditions.
So, how can car leasing help the consumer? Here are a few ways:
Consumers will enjoy driving the car during its trouble-free years
There is nothing better than cruising down the streets using a car that is still in the best possible condition. Imagine not having to worry about faulty wipers or general breakdowns…Imagine enjoying the confidence of a well-maintained car no matter the terrain!
This is exactly what a consumer gets with car leasing. They get the best car picks, more often than not, those that are still in new and good condition.
This way, they will enjoy the car for the longest possible time without visiting a mechanic for constant repairs.
Consumers do not have to worry about the value of the vehicle
This is a car leasing benefit that many consumers enjoy. In comparison to car owners, consumers do not have to worry about the appreciation or depreciation of the car in terms of the car value.
Needless to say, car owners will worry about disposing of the car when they need a newer and better model. If anything, consumers can just amend their lease terms if the car is no longer suitable for them and they can get a new one.
Consumers enjoy lower monthly payments
In comparison to monthly mortgage payments, monthly payments for a car lease are usually lower. As such, consumers do not have to dish out a lot of money every month.
Also, there are no surprises with car leasing. Consumers spend the same amount of money monthly.
Consumers enjoy a warranty guarantee
Car leasing agreements are often accompanied by a warranty guarantee that lets consumers know that the manufacturer is liable for any faulty issues.
Some warranties offer to pay for the servicing of the car. While the latter is not always the case, it is a pocket-friendly deal for the consumers when the offer is included.
Summary
Leasing or buying a car is ultimately a personal decision. If you are a consumer who prefers changing their car time and time again, then leasing is the best option.
But if you are the kind of driver who is content with their car and wants to drive it for the long haul, then buying makes more sense. Also, if you want a vehicle as an asset and are looking to build equity then you should buy.
However, if the aforementioned benefits are appealing to you, do not hesitate to consider car leasing.