Leasing A New Car - Is It Right For You?
Whether to buy or lease? This is actually the dilemma that confronts every automobile
consumer: It is often difficult to determine whether you should pay to own, or, make monthly lease payments instead. Now, unfortunately, this is those common dilemmas to which you don't have perfect answer. In truth, each option has its positives and negatives, and it can depend on your particular set of financial and personal considerations.
For example, affordability is clearly a key consideration -- think about job stability, and the state of your general personal finances. Mostly, the short term monthly cost of leasing is much lower than the monthly payments when buying a car. When leasing, you largely only pay for "the portion" of the vehicle's cost that you consume in case you drive it.
However, when you've got some cash up front, you might be able to afford both the down payment and sales taxes on a car. Then, you just might get a loan and a good interest rate, so as to buy the car. When you buy a vehicle, it effectively gives you ownership of it, and a certain degree of freedom that you do not need with a leased motor vehicle.
In contrast, If you wish to drive a luxury model, but wish to afford the down payment and credit terms, you are a good candidate for a lease. Unlike purchasing, it affords you the option of not having to deliver a down payment. As well, your monthly payments could be more affordable for your budget.
Be wary, however, because leasing benefits have a price to pay! For instance, terminating a lease before or defaulting on your monthly lease payments, may result in stiff financial penalties and ruin your credit. You must ensure that you have monthly lease payment that are within your budget for the foreseeable future.
Aside from financial considerations, your decision to buy or lease should be influenced by lifestyle choices and preferences. Think about attempting to the sort of person that bonds with a vehicle? Do you see yourself owning the same car for longer than five years? Perhaps you would rather change cars often, and move from lease to lease? If you would like drive a car for longer than fives years, it would probably pay to negotiate a deal carefully, and to buy the car.
Finally, consider carefully, your transportation requirements. How many miles or kilometres do you drive a year? How well do you generally maintain your cars? If your yearly mileage is high, for example, then maybe you are better off purchasing a vehicle. If you only drive 12,000 to 15,000 miles a year, or 15,000 to 20,000 kilometres, yearly, then you are a good candidate for rental. Otherwise, unless you can keep within the appointed mileage limits and maintain the car well, you might incur hefty end-of-lease costs.
by: Mark Etinger.
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