There are many benefits of leasing a vehicle. Here are just a few of them!
New car, all the time. Leasing a car means you always get to drive
around in a sweet new ride. For many people, this is an emotional boost
that can't be ignored. If you love cars and driving, this is a big perk.
Less maintenance issues. Because you're always driving a newer car, you
usually don't have to deal with the regular maintenance issues that car
owners face as their vehicles age. You turn in your car before all
those problems start showing up (e.g. bad brakes or shot transmission).
If you lead a very busy life, or you're on the road a lot, this is one
less stress you have to deal with.
3. Leases are tax
deductible for small businesses. If you're self-employed or you own a
business, you can write off your lease as a business expense.
"Afford" a nicer car.
According to LeaseGuide.com, around 75% of all luxury cars are leased.
The reason is because banks don't like to loan out more than $30,000 for
a car loan. If you want a car that's worth more than that and you don't
have the money to make up the difference, leasing is your only option.
On the upside, your monthly payment will be lower than if you actually
bought a car. Leasing allows you to "afford" a nicer car than you'd get
if you had to buy it.
5. Few upfront costs. Speaking of costs,
leasing allows you to get into a car with very few "upfront" costs. You
often don't need a down payment (or if you do, it's fairly low), your
monthly payments are lower, and your sales tax is going to be a lot
lower since you only have to pay tax on the value of the car you
actually used. According to Edmunds.com, this means that during the life
of your lease, you're going to pay roughly half the sales tax you would
if you bought the car.