Is Leasing the Right Way to Go? Articles | Automotive

By: Cargoyle

Leasing a new car or truck can be a complicated and frustrating experience at the same time. Most of the offers that are advertised usually look good when you hear about them, but leasing isn’t really for everybody. Leasing is a great alternative to making a huge down payment and paying for a car over a period of 60 months for a vehicle that you have no intention to keep for such a long period. For people who intend to keep their vehicle for a long period, leasing might be a whole lot more expensive than buying a car.

The Benefits of Leasing:

Leasing makes perfect sense if you don’t exceed the mileage and allowance that is offered by your leasing company, depending on the company this mileage ranges between 10,000 – 15,000 miles annually. You also have to make sure that your vehicle is kept in great shape both internally and externally. Leasing offers are also great if you’re planning to get a new vehicle within a short period of time. If you’re a single executive requiring a higher-end vehicle and you don’t want to cough out large amounts of money on purchasing these vehicles at the sticker price, or if you don’t do a lot of travelling by car and you need the luxury of a bigger vehicle and for other people who can’t afford the huge monthly payments required with the financing options that are needed with buying a vehicle.

People Who Should Avoid Leasing:

Leasing may turn into a financial nightmare for most people when it becomes time for them to return the leased vehicle. People who should avoid leasing include:

• People who exceed the allowed mileage or people who may find out that they tend to drive over the mileage allowance sometime during the lease. Costs for additional mileage tends to be excessive, leasing companies tend to charge between a dime and a quarter for every mile that is exceeded.   

• Drivers who are hard on vehicles. Certain people just can’t do without bumping, nicking or scratching parts of their car. People who are prone to doing these things as well as other things that may affect the condition of their vehicles should consider leasing very carefully. Regardless of how small the damage is, when you return the car at the end of a lease, it is definitely going to cost you.    

• People with children. Despite the amount of care and attention that you pay to children, they will always do something or the other like spill drinks or damage the upholstery that is in your car. Leasing companies will definitely charge you extra when they see excess wear and tear in the interior of the car. This will mean paying for extreme stains or rips, you may even pay for uneven fading in the car upholstery as well. The amount that you will be charged is left up to the discretion of the dealer that is leasing the car to you but it may add hundred or thousands of dollars to the fees you pay in leases.