Every time I see a new car on the road I wonder what it would be like to own it or how it would be to drive it around. But I remember that I’m still financing the car that I’m currently driving, and have another year left until the vehicle is paid off. I have always thought about what it would be like leasing a car, and I wonder what the benefits are of leasing a vehicle. I decided to do some research about the different options of leasing a vehicle. I put together a little information about the pros and cons of leasing a vehicle.
Leasing a Car – Advantages
There are financial benefits to leasing versus buying a vehicle. The first is that there is often no down payment, or a very low one making it easier for people to afford to lease the vehicle of their dreams. The next benefit is that drivers that are leasing a car have a wider selection of choices when they are selecting a vehicle due to the flexibility that leasing offers. Another benefit that drivers can enjoy when leasing a car is that they can drive the newest vehicle model of their choice depending on the length of the lease. The vehicle is usually covered within the manufacturer’s warranty in case something happens since it is a new car.
Leasing a Car – Disadvantages
The first disadvantage is the early termination fees associated with needing to cancel a lease early. The fees are also then due right up front. This could mean that you might have to spend the same amount of money to cancel the lease that you are expected to pay just to finish the lease.
The next disadvantage of leasing a vehicle is the customization of the vehicle; you are not allowed to do any customizing to the leased vehicle. For example, if you decide you want to upgrade the stereo in the leased car, you would be violating the terms of the lease.
The third disadvantage of leasing a car is the limited amount of miles that drivers can put on the vehicle within a year. If you like to take road trips or have a far commute then leasing a vehicle may not be for you.
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