Leasing VS Buying
Leasing vs Buying is a very interesting topic which we decide to cover since a lot of people asking us about advantages and disadvantages on leasing and buying. You can always contact us for a specific advise since every one situation is unique and what good for one customer might not be good for the others. We going to cover a most common scenarios for leasing and financing a vehicle.
Advantage of Leasing
1)Low Down Payment – We can get you into a brand new car lease with out a down payment at all. You only would pay regular fees such as First Month, Bank Fee, Registration. Excellent Lease can even get you into a new car with just first month out of pocket and all the fess we can simply include in the monthly payments. On the other hand a lot of customers would like to put money down to lower their monthly payment. We can provide to our customers few scenarios for lease they are interested in so customers can decide what fits them best.
2)Low Monthly Payment- Since you are only paying off the depreciation on the car and not its full value , your monthly payments are much lower than if you would finance the new vehicle. As well as you are not paying taxes on the full vehicle cost, but only on portion of its value which gets you more savings.
3) Short Term or Frequency Of Changing Vehicles – Depends on your lease term you can get your self into a new vehicle anywhere from 24 months to 48 months and you don’t have to worry about selling it to get a new car. You just need to return it to any dealer your previous lease and that it You are free to get your self a newer vehicle. We also can return a vehicle for you and deliver your new vehicle as well so you can save time as well. With the finance if you want to get rid of the vehicle, you need to pay it off first so you can get a clean title on hand or trade it in to a dealer, but no one guarantees that you wouldn’t be upside down on your auto financing which can lead to a situation where you owe to a bank more then a car value. With a lot of sites like SwapALease and Lease Trader you can transfer your lease to some one else who want to get into your car which helps you get rid of your current lease earlier with no penalties.
Disadvantages of Leasing
1)No Equity-Similar of paying rent idea would not work in this case. You have no equity in the car, but in a lot of cases buy out can be lower then your vehicle value on the market, plus you not paying full price of it. Treat it like a longer term rent a car.
2)Lack of Flexibility – For some people disadvantage, because you have a specific lease term, but in today world there is plenty of ways how you can end up your current lease earlier and we can help you with that.
3)Mileage – Since you have a mileage limitation set in your lease agreement, you would end up paying for extra miles if you would have extra miles.
We Can Help You Decide!
If you have any questions or need free consultations give us a call or contact us via our online form and out professional team would be able to help you decide if its worth leasing or financing for you, or maybe best option would be to get a used car instead of new. We are here to help you. Also we can advise you on specific automotive brand and model. All this at Excellent Lease, Free of charge.