Is leasing right for me? This is a question that is on the rise in this day and age. Young people, in particular, are more likely to rent homes and lease cars than they are to make purchases so it’s good to understand why leasing may or may not be the right choice for you. With a short quiz provided below we can get a better idea if leasing is the right choice for you.
With a few quick questions, we can answer that question for you:
1. How far do you drive?The standard lease contract allows for 12,000 miles a year or 36,000 miles for a typical three-year lease. If you drive farther than your allowed miles, you will have to pay 20 cents for each additional mile at the end of the lease. So if you’re not someone who does a lot of driving or only really drives short distances, a lease may be the perfect option for you.
2. Do you use your car for business?If you are perhaps a CEO, real estate agent, or lawyer and are looking to show up to impress clients with a luxury vehicle, a lease may be what you’re looking for. Your lease payments might qualify as a tax deduction write off! Check in with your accountant and then stop over to Harchelroad Motors of Imperial & Wauneta and we’ll be happy to set you up with a sweet ride!
3. How clean do you keep your car?A leased car is not for someone who likes to use and abuse their vehicles. Don’t get me wrong, lease contracts allow for your average wear and tear, but if your definition of average wear and tear involves unidentifiable stains, tears, and dents, maybe leasing isn’t for you. With the average lease contract running about 3 years, that’s a lot of time to make a healthy mess of your car, so really take that into consideration before leasing.
4. Do you like to customize?A leased car should be returned in both the condition and style in which you got it. This means that if you like to modify and customize your cars, you’ll need to take all of your modifications off your car before returning it. If that’s not your style, leasing might not be for you.
5. Are you short on cash but strong on credit?Leasing is a low commitment option, it’s more of a “pay as you go” form of car ownership. If you have strong credit you can start a lease with $0 down and still have lower payments than if you bought the car. Remember, it’s only for 3 years so you’ll have to either get a new lease after that, or buyout that car.
6. Do you love driving the newest model?As mentioned previously, leasing is a low commitment driving option. So if you like to have the latest and greatest, without having to constantly spend ALL of your money, leasing is for you!
7. Are you comfortable always having a car payment?One advantage of buying a car is that you will eventually not have car payments. The downside is the payments up until that point can be quite high. If however, you don’t mind always having car payments as long as those payments are lower, leasing might be your go to!
So what did we learn? Is leasing right for you? Whether it is or isn’t, you can stop by Harchelroad Motors of Imperial & Wauneta and we’ll be happy to go over our lease and finance options!
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