Three reasons to lease your next new vehicle
June 26 2020,
When buying your next vehicle, you have the option to either lease or buy it. You can finance your purchase, or you can simply pay cash. Today, we look at the advantages of leasing your next vehicle and why many consumers turn to that option when in the market for their next car or SUV.
You get a lower monthly payment
The biggest advantage of leasing is that it costs less money per month. Leasing payments tend to always be lower than financing payments, so you can a vehicle with more equipment and features for the same monthly budgeted amount.
You don’t need to worry about depreciation
When you lease a vehicle, your contract is usually between three and five years. That’s the amount of time you have with the vehicle. Once that period is up, you can simply return your vehicle and get a new one. You don’t have to worry about losing value on your vehicle because you are replacing it too soon. It also gives you more options. If you finance a vehicle over 5 years, it’s hard to replace it before the term is up. Moreover, financing over three years can be very expensive monthly. Leasing over three years gives you an easy option to replace your vehicle quickly over a short period of time.
It has fiscal advantages for those who use their vehicle for work or for their company
If the vehicle you are interested in costs more than $30,000 and you use it for work, there are more advantages to leasing. A tax planner will be able to help you see how you can maximize your deductions with a leased vehicle.
