When it comes to leasing vehicles, people either swear by it or are fiercely against it. Many seem to think that there’s no point in driving a vehicle if you don’t own it while others won’t have it any other way. When you start to look into it in detail, leasing does have some advantages, but it also has some significant drawbacks that need to be considered. Let’s take a look at some of the pros and cons of leasing versus buying a luxury vehicle so you can make a better decision.
Leasing is Convenient
One of the biggest benefits of leasing a vehicle is convenience. You won’t have to worry about depreciation as you’re not the one who will have to sell the car. Some people may think that selling their luxury car will be easy, but they would be sorely mistaken. The market for used luxury cars changes all the time, and once a luxury vehicle starts to appear on those “do not buy” lists, you’re in trouble.
Another benefit of leasing your vehicle is that you’ll get some additional perks with it. You might be able to have some routine maintenance jobs performed for less or for free. When you consider that things like oil changes could cost you up to $500 on certain vehicles, that’s a good thing to know.
A Lease Allows You to Drive a Better Car for Less
One thing about leases is that you could get a better car for less than what you’d have to pay via financing. The car will indeed be yours after you complete the payments if you decide to buy, but you’ll still get satisfaction from not having to deal with as much of a cash flow hit every month. Getting a lease could also be a good idea if you want to drive a nice car now, but don’t have the money to buy the vehicle you really want. This way, you can get a short-term lease and save up until you have enough.
Leases Have Limitations
The biggest drawback with leased vehicles is that they’re never truly yours. There will be some limits as to what you can do with the car. You won’t be able to go over a certain number of miles, so that could become an issue if your driving habits change. You also won’t be able to make modifications to the vehicle. So, this is something you’ll have to prepare for.
You Can Save Even More By Buying a Used Luxury Car
If you want to get the best deal, however, there is no better way than buying a good used luxury vehicle. You can buy a vehicle right at the time when the depreciation is slowing down and sell it while it still has good value.
You will have to be careful with which type of vehicle you go for. The most important step is making sure that the vehicle has a good reputation for reliability. This is the main thing that will allow it to retain value. We also suggest that you work with a luxury car repair team right now. Working with a top-rated luxury car repair service will help you keep the car in tip-top shape and save on repairs.
As you can see, deciding between buying or leasing a luxury vehicle is not as simple as it seems. Look at both options closely and don’t automatically dismiss one in favor of the other.