You’ve finally made the decision to upgrade your vehicle, and you’ve found a great deal on a lease. Leasing seems like the perfect way to get into a new model vehicle while keeping your payments low, and you’re ready to jump in with both feet. So, what’s the catch? The good news is there is no catch, but there are some things you want to think about before getting a lease.
How Many Miles Do You Drive a Month?
Leasing can be a great deal. It not only gets you into a new model vehicle, but it can also keep you in one. But, before signing on the dotted line, you’ll want to make sure you know how many miles the lease includes. Most people need about 12,000 miles a year, but you might need more. If you need less, you might be able to negotiate the lease payment. When you decide to lease a car, you’ll want to make sure the lease allows for enough miles, so you don’t go over.
How Do I Benefit from Leasing Instead of Buying?
There are many benefits to leasing, with one of the biggest draws being the low monthly payments. When you lease a car, you’re only paying for the use of the car, not the entire value. This means your monthly payments can be significantly lower. If you have lower payments, it could also mean that you can get into that higher-end car you’ve been eyeing for the past few years or step up to a trim level with some extra features.
Another benefit of leasing is the new car factor. Since lease agreements last for only a few years, you can keep upgrading your ride every few years. You’ll never have to wait to get the latest tech features or enjoy that new car smell.
Who Is Responsible for Maintaining a Leased Vehicle?
The short answer is you, the lessee, but your lease agreement will have more specifics about who is responsible for maintenance and repairs. It’s important to keep up with the required maintenance schedule with your leased vehicle because you will be responsible for returning it in good condition. You’ll want to check the owner’s manual for the maintenance schedule and stick to it.
The good news with a lease is you’re driving the vehicle for only a few years, and these are usually a car’s best years. Other than the maintenance, you are unlikely to run into any mechanical issues, and if you do, they will probably be covered under the warranty.
How Does a Lease End?
A lease can end several different ways. If you’re done with the car, you can just bring it back to the dealership and walk away. If you want to get into a new lease, you can still bring it back and work out a new lease deal for your next vehicle. If you fall in love with your leased vehicle, most agreements provide you with the option to buy it at the end of the lease.
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