There are many people that wonder if they should actually purchase a vehicle, or if they should lease a vehicle instead. They may not have a problem with the payment, but they wonder about whether this is the right decision to make. When you lease a vehicle, you are actually not taking ownership of it. You are simply making a payment for the privilege of driving this brand-new vehicle. You also have to keep it in tip top condition, and return it to the dealership in just a few years. Some people like doing this because it allows them to drive a new car every couple years, whereas other people would prefer paying one off so they no longer have a payment. Let’s look at the benefits and drawbacks of leasing so that you can decide whether car leasing is the right decision for you.
Benefits Of Leasing A Vehicle
The primary benefits of leasing a vehicle is that you are getting access to a brand-new car. It will have that new car smell, and will not have any miles on it. It will be as if you just purchased a new one off of the lot. The other benefit is that you will return this vehicle and you can get a new one in the next few years. Some people like to do this, whereas others look at what they considered to be the drawbacks.
Drawbacks Of Leasing A Vehicle
The main drawback is that you do not get to keep the vehicle, nor can you pay it off. You essentially have a payment that you are going to make forever. As long as you want to drive, you need to make the monthly payment on this vehicle that you are leasing, and any subsequent ones that you decide to drive.
Your decision to lease a vehicle is really up to you. If you have the money to do so, it’s probably the best choice to make. However, if you would prefer to avoid car leasing and purchase one out right, this would be the most cost effective decision to make.