Should you lease your next car?

For years people have falsely operated under the assumption that if they wanted a vehicle they would have to buy one. Now we are not promoting car theft here, we are talking about car leasing services! Leasing a car can be a great solution for people that need a vehicle but do not have any interest in the time or money commitment it takes to own a car. It is also an appealing option for people that love to drive new vehicles because they get to switch out their current vehicle out every few years when they have a lease. Leasing a car comes with its own set of responsibilities, and just like buying a car, there are going to be pros and cons to what ever decision you make. If you think leasing a car sounds like a great idea for you but you are uncertain if it is the right fit, ask your self the questions below to see if you should lease or buy a vehicle.

  1. How important is it to you to drive a newer make and model vehicle? Leasing services like Smart Auto Leasing tend to carry only the newest models of cars and trucks. So when your lease is up and your vehicle has aged two or three years, you get to trade it in and get a new vehicle again with the new lease.
  2. What does your credit look like? If you do not have good credit, then buying a car might be out of reach for you in leasing a car will be a better option. You do not have to qualify for a car loan if you are going to lease.
  3. How many miles do you drive every year? Car leases typically have an allowance for 10,000 to 15,000 miles per year on a leased vehicle. The national average for people who commute to work is about 12,000 miles. If you feel like you drive more than the average Number of miles then it is possible that you could go over 15,000 miles. If you break this clause in your contract then the car leasing service will charge you for every mile you drive above that limit. Examine your driving habits and decide which option will be best for you.
  4. Where will you park the car when you are not using it? Your car lease contract will charge you for any extensive damage that occurs to the vehicle while the vehicle is in your possession. I do not tend to charge for normal wear and tear, but scratches from keying or other cars accidentally bumping into it will likely be billed to you. If you park on the street where your car is more vulnerable to these types of damages then leasing may not be a good option for you.
  5. Do you want to and avoid car maintenance and mechanic fees? Many car leases expire right around the same time that the manufacturers warranty expires, which is excellent news for people who want to avoid paying car maintenance fees.