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- Enjoy lower monthly payments each month compared to that of a purchase loan for the same car and same term.
- No worry about "investing" in ownership equity.
- Leasing provides you the option of making no down payments if your promotional lease deal allows.
- You get more car for your money, especially since payments are lower, and may enjoy the opportunity to drive a new vehicle every two to four years.
- There are fewer maintenance headaches since you have the ability to structure your lease for a term that coincides with its warranty coverage. General upkeep is still required (oil changes, tire rotation, etc.), but is sometimes offered at a lower rate by the dealership it is purchased from as an incentive to keep the vehicle in good shape.
- Most car leases require a lower down payment, or none at all. It also allows the buyer to decide whether they would like to trade in their previous vehicle, or make a down payment to lower the monthly payment amount.
- Tax rates are lower when you lease vehicles since you are only required to pay for the amount of time the vehicle is in your position. Instead, the sales tax you usually pay upfront is distributed through your monthly payments during your lease period.
- The hassle of selling your used vehicle is eliminated since you can decide to extend your lease when your contract ends, purchase the vehicle, trade it, or walk away.
- Gap protection is included in case your vehicle is totaled in an accident or stolen, which pays off your vehicle when insurance doesn't cover the full amount.
- Technology lovers can enjoy the added bonus of testing out the newest high-tech features on different models every few years.
- Better technology also means upgraded safety features.
- The future price of your car is predetermined during your lease agreement signing. This perk is especially useful if the vehicle is depreciating faster than expected.
End of Lease Options