Figuring out whether to lease a car or not can be tedious, especially when thinking about the costs and benefits. For the past several years, leasing has been the go-to option for getting a car but it may not have the same advantages of buying a car. At Keller Ford Hanford, we know how important it is for our customers to have options. Here are some advantages and disadvantages of leasing a car.
Lower Monthly Payments
Most people don’t have Thirty thousand dollars laying around the house. This is why people take out loans to buy cars. They don’t just pay back the cost of the car but they also pay interest every month. When you lease, you pay for the car’s depreciation throughout the years you drive it. This makes the monthly payments lower. It’s better to lease a nice car that you want rather than buying and paying more.
You’ll End Up Paying For Something
Even though you pay less for monthly payments, you end up getting caught in the loop of leasing. If you’re looking to lease for a long period of time, it may cost you. Buying the car means you get to keep it longer and won’t have to make monthly payments at all. If you plan on leasing another car, the cost of leasing won’t be the same as it was for your first leased car. There's a chance it may be more expensive if you are aiming to lease a nicer car.
Transitioning From Car To Car
At each dealership, there are many options to choose from. Each car with different styles, prices, and interior features. You can explore different cars faster if you lease for the minimum amount of time. For example, you might lose interest in your 2019 Ford Escape SE and may want to get a 2020 Chevrolet Equinox LT . The minimum time frame for leasing a car is 3 years. That’s 2 cars in 6 years, which is not bad.
Limited Mileage
When leasing a car, you are only limited to the mileage that the dealer offers you for the lease. You may get the lease for 3 years that only allows you to drive the car for a total of 30,000 miles, for example. With a bought car, you can drive for as long as you’d like. On top of that, you don’t have to pay for miles you drive over the lease mileage limit. Each mile over is about 25 cents so think about what you can do to limit your mileage usage.
More Responsibility With Maintenance
Most of the time, lease agreements will require you to check up on any maintenance or repairs you may have due to wear and tear. When you return your car at the end of a lease, any damages done to the car will cost you. Thinking about this ahead of time will make you more aware of how often you should take care of your car. In some cases, maintenance may not be the biggest issue so really you have nothing to worry about. Most issues are covered by a warranty. As far as minor maintenance like cleaning goes, the general rule of thumb is that you should wash your car every two weeks. Creating a schedule for cleaning can help maintain your leased car.
Limited Add Ons And/Or Customizations
Just because you lease a car doesn’t necessarily mean it’s your property. Leasing a car means that you are not able to repaint it, add bumper stickers, advanced technology, or add any other accessories to the exterior. When you buy a car, there’s no contract that states that you’re basically just “renting” the car. Because you don’t have to give it back, you are free to do whatever you want with it. Sometimes, dealers can offer technology packages for a specific car but unfortunately, it ends up costing more money, especially when you have to think about leasing the car.
The Right Car For You
This decision can take a little bit of time. Whether you are or aren’t ready to lease a car, our dealership can assist you in reaching your goals of finding the right car. Call Keller Ford Hanford or shop online today to find the car you want with the deal you deserve!