The Best Time to Lease a Car and Why
Like millions of drivers in search of their dream vehicle, you may be asking the question "When is it best to lease a car?"
Instead of asking you to crunch the numbers yourself, the experts at Carlease.com went ahead and found answers for you.
For many ((great reasons)), more and more drivers are choosing to lease their next vehicle rather than buy. Lease volume has doubled in the last five years, and about a third of all cars and trucks on the road today are leased. For many, it makes good sense, especially for millennials who are driving the charge in leased vehicle volume. But also for retirees! In fact, some of the stronger growth in leasing comes from drivers over the age of 75.
Statistics c/o Edmunds.com
Leasing is Now Easier than Ever
Imagine never having to set foot in another dealership. Try looking online instead - at the wide availability, personalized options, fixed monthly payments, and tax benefits of a leased new vehicle. Lease pricing can be hassle-free and negotiated online with a virtually unlimited selection of makes and models and available payment plans. Almost like having a two - or three - year test-drive, your leased car also comes with an option to buy in the glove compartment. Better still, you’ll know both the exact sales price and the condition of the car if you choose to buy it.
Because the monthly payment of a leased vehicle covers the taxes and depreciation only for the duration of the lease, and not the lifetime of the vehicle, taxes paid will be lower while depreciation that can be written off will be higher. Even though the lease payment period may be the same as a purchase payment period, lease payments will be less.
Image c/o Canva.com
The Future of Resale isn't Clear
It’s always easier to buy than to sell, and things can quickly change. What the resale market will be when you go to sell your vehicle, several years from now, is always an unknown. The resale value of your vehicle will depend on many factors beyond your control. The national economy, local oversupply of used cars, bad press about your particular model, and big-ticket repair costs of engines and transmissions are just a few that can suddenly appear. In addition, your own marketing skills will all affect the resale price. You might ask yourself, “Is selling used cars my strong suit?”
Car technology is constantly improving. Image c/o Carsguide.com
- A new car every few years reduces the chances of breakdowns and cuts your maintenance cost to zero - while it looks good, smells good, feels good, and impresses the neighbors all at the same time.
- The Low-or-No down payment of a leased car will leave you with more cash to leverage in other investments, and less equity tied to your vehicle.
- Because of group rates, leased cars come with lower insurance premiums.
- New vehicles come with the latest in new technology:
For some, buying a new or used vehicle may be the better choice. But for an increasing numbers of savvy drivers - leasing is the way to go! And the experts at Carlease.com are here to help answer your questions - getting you on the road with the best lease for your budget.