Having a car handy can have a lot of advantages. When you run a busy schedule or have a business that requires constant movement, waiting on the bus might cause you to miss certain deadlines. To enjoy ease of movement, it is usually encouraged that one get a car, either by buying or leasing one.
Leasing a car means you get to rent a car for a limited time. This time could be anywhere between 3 months to 4 years depending on the kind of lease you want. Short-term car lease contracts are offered by local car leasing companies and can be as short as 1 day or as long as 2 weeks.
Long-term lease contracts, on the other hand, are mostly for 3 years but could be less or more. This depends on what you require and what the leasing company offers.
In this article, we will be discussing some of the reasons why leasing a car is a better option than buying one. Here are 5 reasons why you should lease a car.
5 Reasons Why Leasing a Car is Better Than Buying
1. Leasing could be better for the environment
Many rental cars are new and have low mileage. Many people who rent cars prefer to do so for this reason; they get to drive new cars biennially. Cool right? Well, if you are vain, that’s a perk for you but if you care about the environment, then you’ll be psyched about the idea of leasing over buying.
Of course, driving a new car means greener benefits. From fuel economy, and less maintenance to lower exhaust emissions. You can also opt to rent electric cars which is an even better choice for the environment.
Leased cars also have controlled mileage, unlike personally owned cars where you get full freedom to do whatever you please. This means you only get to use the car when it is really important to avoid paying the extra costs that come with overuse. This is a great way to keep fewer cars on the road which is great for the environment.
2. You can get tax deductions.
Using a leased car for business can afford you more tax deductions than when repaying a car loan. This is possible because the IRS allows leasers to deduct depreciation costs and some financial costs that are part of the lease payment.
This benefit is not enjoyed if you take a lease-to-own contract. It is only available for standard lease contracts who get to return the cars to the leasing company after the contract ends.
3. Enjoy free maintenance
Most rental cars that are new come with a company warranty that covers maintenance costs. the warranty can last up to 3 years which means that taking a 3-year lease could mean enjoying 3 years of free repairs. This could help those who lease avoid some extra expenses.
A well-maintained car is also cool for the environment so it’s a win-win.
4. Leasing can be More Affordable
You may fancy driving a luxury car but can’t afford to own one. Leasing can help you fix that financial gap and make your dreams come true. Lease payment is usually 30-60% lower than the cost of new vehicles. This means you can lease that luxury car for almost half the price, and still enjoy the ride for a couple of years till there is a newer model.
You also get to enjoy the latest features of driving the latest models of different brands including environment-friendly electric cars. Isn’t that the coolest thing ever?
5. No worries about resale
Selling a used car can be a hassle for car owners. Asides from the depreciation value that causes you to sell for way less, you might need to wait a really long time before finding a potential buyer. This is fortunately not the case when you lease a car.
Leasing a car saves you from the hassle of selling a used car. All you have to do is return the car to the lease company and voila! you are free.
Now you know great reasons why leasing a car is a better option for you. If you are still confused, you can take this quiz to help you decide.