Do you want to buy yourself a new set of wheels, only to realize that you need to save some more money for at least a couple of years? By then, your dream car may already be off the car lots, being replaced with something newer. In the meantime, you will have to make do with your current vehicle, or even rely on public transport if you have no car yet. As you can see, this is hardly an ideal solution for most people out there.In case buying a new vehicle outright just isn’t going to work, you can always opt to lease one instead. Leasing services are now everywhere, and you won’t have much trouble signing an agreement and getting the vehicle of your dreams in a short period of time. But remember not to do it without properly knowing all the ins and outs of leasing vehicles, some of which are covered in detail a little below:First, let’s talk about the advantages of leasing vehicles. Here are some obvious benefits of leasing vehicles, some of which you may already know:
You Get the Vehicle Straight Away
Basically, even if you don’t have money to purchase a vehicle outright, you make a down payment and drive off in your shiny new purchase, making an agreement to pay the lease amount each and every month. That is, you can start using your car straight away.
Guaranteed a Brand New Vehicle
Leasing is mostly there for people to go for the newest possible vehicle models out there. Since you will be using a brand new vehicle, you can expect to have little to no issues during the time period you will be driving it.
You May Be Able to Take Advantage of Tax Breaks
This particular point makes leasing of vehicles a much better proposition for a lot of businessmen, at least compared to getting an appropriate car loans from the same financial institution.
Despite the above strong points, there are obviously a few issues with leasing which you need to be wary of. One mistake and you may very well lose both your money and your car in the blink of an eye.
You Don’t Own Your New Vehicle
Until you pay all due charges until the end of the leasing period, you can’t claim ownership of the vehicle you are driving. During this time, it is still considered to be owned by the leasing company where you signed the agreement.
Constant Monthly Payments
You have to make payments each and every month until the end of the leasing period. While this may prove not to be a major issue for those with fixed jobs and a decent salary, the high-interest rates Moree may make leasing a bad idea for everyone else out there.
Ultimately, it Costs You More
Sure, you can have your vehicle at a lower cost first, but the monthly payments and interest will add up. In the end, you will pay significantly more for a certain vehicle than if you were to just buy from the showroom.