Top Advantages of Leasing a Car
For most people, purchasing a car makes more financial sense than leasing. However, if leasing is a good option for you, then you should consider the various advantages it offers.
Lower Monthly Payments
When you lease a car, you pay monthly payments that are up to 60% lower as compared to purchasing a car. That allows you to drive a car that you may not afford. That is probably the biggest advantage of leasing a car.
No Repair Costs
It is advisable to lease a car for 36 months or less. In that case, you are covered by the manufacturer’s warranty during the entire lease. In fact, you will not be concerned about repair costs. In some instances, manufacturers provide free maintenance for the first few years.
No Hassles with Used Cars
If your lease is over, you can return the car to the leasing company. You do not have to hassle to sell a used car. Also, the value of the car at the end of a lease is not an issue. There are different cases where leasing companies overestimate the value of the car that results in lower lease payment and loss of leasing company.
Drive Latest Cars
When you lease a car, you can drive a new car every 2 or 3 years. That gives you the benefit of enjoying the latest technological advancements and safety measures.
More Choice of Vehicles
When leasing a car, you do not have to worry about its quality or reliability as you will be driving it for 2 or 3 years. Usually, most cars will not develop problems during this time and allow you to select cars that you do not to purchase.
Tax Benefits
If you are planning to use the car for your business, then you can write off the lease payment as a tax deduction. It does not matter whether you own a business or not; you will only be taxed a portion of the lease. That means you do not have to pay your taxes on full price. In this way, you can save thousands of dollars. Remember that when you purchase a car, you have to pay taxes in full.
Less Money Upfront
A lot of cars can be leased without paying a deposit. However, there are some upfront fees that can be rolled into monthly payments. When you purchase a car, you are required to pay a deposit of 20% upfront to get a decent car loan rate.…
