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Leasing a Vehicle: What You Need to Know

Published on Mar 22, 2023 by Talia Mushinsky

Are you curious about leasing a vehicle and wondering if it's the right choice for you? Let’s take a closer look at how leasing works, compare leasing to buying, and discuss the benefits of leasing a used car. Let's dive in!

 

Why Lease?

Leasing a vehicle is an excellent option if you want to drive the latest and greatest cars without committing to full ownership. With a lease, you'll typically make a down payment, followed by monthly payments for the duration of the lease, usually between 12-48 months. Once your lease ends, you can return the car and lease a new one or buy the car you've been driving.

 

Pros and Cons of Leasing

Pros

  • Drive newer cars: Leasing allows you to enjoy the latest models and features
  • Lower monthly payments: Leasing usually costs less per month than buying a car
  • Warranty coverage: Most leased cars are covered by warranty, saving you on repair costs
  • No long-term commitment: You can switch to a new car at the end of the lease

Cons

  • Mileage limits: Leasing often comes with yearly mileage restrictions, and exceeding them can result in fees
  • No ownership: You don't own the car at the end of the lease unless you choose to buy it
  • Wear and tear fees: Any damage beyond normal wear and tear can result in extra charges
  • Limited customization: You can't make significiant changes to a leased car

 

Leasing vs. Buying

When you lease, you get the flexibility to drive a new car every few years without the long-term commitment of buying. However, buying a car means you own it at the end of the payments, and you won't face any mileage restrictions or fees for wear and tear.

 

Why Lease Used?

Leasing a used vehicle offers numerous benefits, such as lower upfront costs, reduced monthly payments, and access to high-quality vehicles at more affordable prices. Most used vehicles available for lease are less than four years old and have under 75,000 miles, ensuring reliability without breaking the bank.

 

To Sum It Up

Leasing a vehicle, especially a used one, can be an attractive option if you want to drive a newer car without the long-term commitment and high costs of buying. Consider the pros and cons and decide if leasing is the right choice for you. Happy driving!

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