Is a Lease Right for You?
Determining whether leasing a vehicle is a good option for you requires you to examine your driving habits, preferences, and budget. For one, if you like to own your vehicle, you’ll probably be happier buying it outright with cash or financing the cost. With a lease, you’re paying for the use of the car over the course of your lease term – not for the car itself.
And there are many other points to ponder, too, before you make your choice:
- Length of time you want to drive the vehicle. Lease terms are generally fairly short, which allows you to get into a new model sooner than you likely would with a purchase. This is great for drivers who like to drive the latest and greatest vehicles – less so for those who get emotionally attached to their cars and hold on to them as long as possible.
- What you get for your money. With a lease, your lower monthly payments might allow you to afford a higher trim level or premium features than you could afford with an auto loan. The trade-off? You won’t own the vehicle and won’t be able to customize it, if that’s something you like to do.
- The end of the road. When your lease term is up, you won’t have to worry about what to do with the vehicle. You’ll simply return it to the dealership, find a new vehicle to lease, and drive off into the sunset.