The Select Car & Van Leasing Guide
When you are in need of a new set of wheels, there’s a myriad of considerations to factor in before making your final decision. Undeniably, the financial implications of acquiring a new car tend to heavily influence one’s decision as to whether they should buy or lease the car. The choice between buying or leasing is always a tough nut to crack since both have their benefits and drawbacks. However, at the end of the day, it all boils down to priorities, personal taste, and the nature of an individual’s lifestyle.
Leasing is often compared to renting an apartment since, at the end of the lease agreement, one can’t claim ownership of the car. It is essentially the biggest drawback of leasing. However, there are circumstances where car leasing is much more convenient than buying and that’s what we are going to look at next, with Select Vehicle Leasing.
When You Want To Switch Up Your Cars Every Few Years
For an individual who is into cars and the latest trends, leasing is probably the best way to go. Buying a new car every time something new enters the market is a bit too much and quite expensive, to say the least. Leasing allows you to get behind the wheel of your favorite car cheaply. Since new cars come out every few years and car lease agreements have a range of 1-4 years, it will be easy for you to switch up to the latest entrant in the market without much hassle.
If you want to save money in the short-term, then car leasing is the most viable option. The monthly payments incurred when leasing a car are far much lower than buying and there is also little to no downpayment required. This means that you can afford to drive some of the most luxurious car models without having to hurt your pockets. In addition, as opposed to buying a car, there are no pre-sales taxes involved.
Few Maintenance Expenses
A new car warranty can last up to three years. This means that if your lease expires within this period, then almost all of your maintenance and repair expenses will be covered by the manufacturer. Considering how expensive some car repairs can be, especially if it is a luxury car, this is a factor you should really consider while figuring out whether to lease or buy.
When Haggling Isn’t Your Best Attribute
When it is time to upgrade the car you own, you’ll probably want to sell the car first. However, the resale process can be long and gruesome. Even if you manage to find a potential buyer, you are not assured of getting a fair trade-in value. Car leasing, on the other hand, ensures that you do not have to put yourself through all that. Once your car lease expires, you just have to return the car, but you’ll have to settle some end-of-lease fees, which may include costs of extending mileage on the vehicle.
When Your Credit Score Is Less Than Stellar
If you want to finance buying a car, then you might want to get approved for a loan first if you don’t have the cash at hand. However, getting approved for a loan can be challenging especially if your credit score leaves a lot to be desired. Even if you manage to be approved you might end up paying a high rate of interest and this can further worsen your financial situation.
With car leasing, you don’t have to have a loan approval in order to acquire the car. However, the car is usually taken away from you if you fail on your payments.
The choice between buying or leasing is definitely not an easy one. However, by evaluating your situation and setting your priorities straight, it becomes easy to make a choice. As discussed above, both options have their benefits and drawbacks you just have to determine which works out better for you.