It is the dream of every person to drive his/her own car. However, not everyone can raise the money required to buy a used or a new vehicle. Car leasing has made it possible for such people to drive vehicles without necessarily paying a lot of money.
Anyone who wants to use a leased vehicle is expected to make a certain amount of down payment, which is calculated as a percentage of the total value of that car. Once you have paid the required down payment, you are required to pay some monthly payments for a lease term. The car is returned once the lease term has expired. In essence, leasing is renting a car, not buying.
Benefits of Leasing a Car
• One can use a car is he/she doesn’t have cash for buying one.
• One can drive a car that is out of his/her purchase price range.
• You have the right to lease another vehicle when the lease term expires.
Drawbacks of Car Leasing
• The person using a leases car doesn’t have equity in that car. This means that you cannot use it to raise money for buying another vehicle.
• Over time, the cost of leasing a car can exceed that of buying a used or new car.
• Some lease terms carry steep penalties. For instance, you will be required to pay the penalty if:
• The number of miles you have traveled exceeds that in the lease contract.
• You want to return the vehicle before the contract expires
• You have inflicted significant tear and wear while driving the car. Remember that wear and tear are some of the conditions that negatively affect the performance and appearance of a car.
• You don’t keep the car’s interior and exterior in good condition.
How to Lease a Vehicle
Leasing a vehicle is not complicated, like purchasing one. One can get the best deal by following the steps outlined here below.
Choose the types of car- Determine the type of car that you want; is it an SUV, a convertible, or a sedan?
Pick Your Favorite Model
Start by making a list of those cars that are within your price range. You can get the best deal by choosing models with low gas mileage, top safety features, low insurance premiums, and high dependability.
Taking a Test Drive
A test drive is taken after narrowing down to a list of the best models. You should always pay attention to visibility, comfort, braking, internal noise, shock absorption, and steering when taking a test drive.
Compare the Lease Deals
It is advisable to compare the lease deals of various dealers. Ideally, you should carefully calculate and compare the available lease deals and then figure out what you can afford to pay on a monthly basis. This process has been made easier by various tools that you can use calculate and compare the available lease deals. …