These days, leasing a car has become more popular than buying, and it’s not hard to see why. Those looking to drive a nice luxury car, but who might not have the extra capital for a down payment can turn to leasing to solve their problems.
Leasing a car from a reputable dealership, one known for its leases, gets you the best deal – they can offer you the best market rates, and help you lower your monthly payments. And while it’s true that leasing a car will not give you ownership, good drivers are more likely to enjoy a classier and better vehicle when you lease as opposed to buy.
Still not convinced? Then click here to learn more about leasing and car subscriptions, or read on to discover three more reasons you should consider leasing your next car.
1. Cost-Effectiveness
Leasing your car lowers your monthly costs, because if you were to take a loan to acquire a car, the monthly instalments would be much higher than paying the monthly lease payments. Leasing a car enables you to pay lower monthly payments because you only pay the car’s cost of depreciation for the duration that you have leased.
Also when leasing, you can get a car that economizes on fuel, thus saving on fuel costs. But, just as with financing, when leasing a car, you should consider your financial budget and get a car that fits within your budget.
2. Latest Technology
Car technology is advancing at a breakneck pace, and car manufacturers are using new technology to produce new cars and new models every year. The newest models have more features like safety drivers assistance technology. This includes adaptive cruise control, lane keep assist, semi-autonomous driving systems and automatic emergency braking. New model cars also have amazing connectivity features like support for android auto and Apple Carplay, as well as 4G LTE data connections.
If you want to enjoy the latest technology the car industry has to offer, leasing comes in handy, as it allows you to enjoy a new car every one to three years, as opposed to buying, where, on average, you upgrade every seven years.
3. Sales Tax
The best advantage of leasing a car is that you won’t have to pay the tax on the entire car value, making it possible for you to pay lower monthly payments. When you choose to buy over leasing, you will have to spend more on sales tax thus increasing your monthly costs. However, taxes on the car will be lowered by the cost of depreciation since it’s a deductible expense.
Why buy a car when you have the opportunity to lease for one to three years, or join a car subscription service and go month-to-month? Leasing a car allows you to enjoy the benefit of always driving a new car, and it saves you money both in taxes and month-to-month payment. Next time you need a car: lease, don’t buy.