Buying a new car is a pretty big deal.
But so is the cost of ownership and everything that comes with it, like monthly payments, steep tax rates, auto maintenance, repairs and even gas money.
More and more drivers are turning to leasing agreements instead of outright purchasing because of the many benefits associated with it. Not only do you save more money upfront, but thanks to flexible terms, you can enjoy lower interest rates, affordable monthly payment plans, and perhaps best of all: you can get a new car in as early as three years once your term is up!
To break it down further, the Somerville team have outlined the benefits of leasing, in comparison to buying a new car.
|Ownership||you own it||you give it back|
|Up-front costs||Cash price, down payment, registration, other fees||First month’s payment, refundable security deposit, down payment, taxes, other fees|
|Early termination||sell or trade whenever||could incur costs|
|Vehicle Return||sell/trade on your terms||return and walk away|
|Future Value||depreciation will tell||doesn't affect you|
|Mileage||go wherever you want||limited/possible penalties|
|Excessive wear and tear||covered by warranty||you are responsible|
|End of term||No further payments; equity has been established||Finance the purchase of the car, or lease another|
|Customization||do whatever you want||must be removed at the end of lease|
Who Should Lease a Car?
Leasing and financing are two very different methods of paying for a new vehicle. If you don’t plan on keeping your car for very long, or have a lifestyle that means you move around for work, you’re a great candidate for a lease. As long as you don’t go over your mileage limits and keep the vehicle looking and performing like the condition you received it in, you’ll have no problem.
On the other hand, if you do a lot of driving, and far distances at that, you might want to consider financing instead. Going over your mileage limit can be cause enough for added expenses that you’ll owe at the end of your term. Many drivers who are looking to add a second vehicle to their family home opt for leasing, because this is the “backup car” intended for running errands or for other family members to use. If you love the idea of trading in your vehicle for a newer model within a few years, leasing is perfect for you.How Do I Get Approved For a Lease?
At Somerville Auto, auto leasing is our specialty. Our financial experts are able to create and develop affordable custom leases that suit your financial and personal lifestyle. Our 5-step auto leasing tips will guide you through the process of obtaining an affordable, low-interest leasing agreement. Even if your credit isn’t in top-notch condition, there’s no need to worry. We work with all types of credit, from good, to bad, to none at all because we understand that all situations are unique. Depending on your personal and financial situation, we have the resources to structure a lease, for example, a low-buyout lease, so that you’re not hit with additional fees when your lease comes to an end.
To get started, we’ve even created a quick and easy online credit application to jumpstart the process. Simply fill out the form and a member of our Finance Team will be in touch shortly to discuss your options. Are forms are 100% secure and confidential. Your information will never be shared with any third parties.
Are you in the market for a new vehicle and need a help with making payments? Discover our affordable leasing programs and call us today at 1-(877) 503-5102 to make an appointment with a credit specialist.