Is Leasing Worth It?

Whether it’s time for a new car, or you’re looking to lease a new car, you’re probably going to want to do some research before either go out and buy, or lease a car.  Since leasing is completely different than buying, you’re going to want to know the pros and cons before signing the papers.  I’ve come up with a few pros and cons that you should check out.  Hopefully, after you read them, you’ll get a better idea if you want to lease your next vehicle or not.

Do you get attached to cars?  If you’re the type that gets attached to cars, you’re probably going to want to look into buying, rather than leasing.  Since most leases are around two to three years, if you lease, you’re going to have to give that car up, unless you want to buy it.  Most of the times, you will never want to buy after a lease since you will generally have to pay a lot more than if you bought it in the first place.

How many miles a year do you drive?  If you drive a lot of miles each and every year, you will want to look into your lease.  Most leases are written up as 12,000 to 15,000 miles a year.  You’ll want to see which one works best for you.  If you drive a lot, I would consider steering clear of a lease.

Does the car company offer a lease?  In these tough economic times, a lot of car makers actually got rid of their leasing, so this couldn’t even be a option depending on the car that you want.  Make sure you check with the manufacture and dealer to see if they even offer lease financing.

How’s your credit?  When you think of leasing, you generally don’t think of your credit.  If you have poor credit, you can kiss leasing goodbye.  Since many dealers want you to have decent credit, you’ll find out that with bad credit, it’s going to be hard to get just about anything.

By now, ask youself these questions, and hopefully it gives you a better idea.  Since there are many pros and cons when it comes to both buying and renting, you should get a better by asking these questions to see if leasing is for you.

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