The Pros and Cons of Leasing Your Next Vehicle



The Pros and Cons of Leasing Your Next Vehicle


When you’re thinking about staying somewhere just on a temporary basis or you want to go in for another vehicle, leasing can be an option that you might want to consider. A concept that is up and coming among the youth of today, leasing has gained a lot of momentum across the country, making it a good choice to consider. Before actually plunging into the process, it is crucial to know all that it has in store. Here are a few positives and negatives of leasing that might help you make an informed decision.


Affordability


If you find yourself regretting not being able to buy that one car that you have had your eyes on for eternity, leasing can be your knight in shining armor. Leasing a car that you like is a much more affordable option as compared to buying it and attempting to repay the loan for a long time. With the advantages of easy monthly payments that are way less than monthly down payments, leasing is easier on the pocket. And while you’re at it, you can also make your dream come true.


Rigid Contract


The leasing agreement that you sign with your dealer after you have decided upon the car and duration is quite rigid. Once you sign the contract, the car becomes a liability. You absolutely have no way out from the contract and its fees even if your car has an accident, gets stolen or is totaled. You are liable to pay the entire amount of the contract or even more if you have to get out of it mid-way.


Maintenance


A big advantage of leasing your car from a dealer is the manufacturer warranty that comes with it. If any servicing or maintenance of the car is to be done to keep it healthy, you are covered with a full warranty throughout your lease contract because you are practically using a new car. This is way better than paying large costs that are attached to maintenance and repair work that you have to shell out when you buy a car and the warranty period is over.


Mile Restriction


One of the downsides of leasing is the restrictions that your dealer imposes on you with regard to the number of miles you can drive around in your car. Once you cross the stipulated amount of miles that are mentioned in your lease agreement, you need to pay the amount that is mentioned for every single extra mile that you have traveled. This can be bad news if you love road trips and adventures, and especially if you have to travel longer distances quite frequently due to your job or education.


Although leasing a car has a few downsides, it also has some pretty inviting plus points that you must ponder before making your final decision. If you’re stuck in the confusion of whether to lease or buy your next vehicle, make sure you keep all the pros and cons in mind to decide accordingly!


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