Leasing a car isn't for everyone. If you're like me and keep
your car for many, many years then leasing isn't for you. If
however, you don't get "attached" to a vehicle as some of us do,
and you like having a new car every few years then leasing may
be for you.
Today's cars are built very well and you can expect to get a
good amount of mileage from your car. You can expect at least
100,000 miles. If you purchase a car you may have five years of
payments, but your car may last eight to ten years. This means
three to five years of no monthly car payments. However, as you
car ages, the need for upkeep goes up too. With more mileage on
you car things start to break down and costs to keep your car up
mechanically may go up. It's doubtful though that what you pay
out for maintenance and car repair will ever be as much as
monthly payments would be.
When you lease a car you make monthly payments as you would if
you purchased a car outright. But, when a lease is up you have
nothing to show for it. These monthly payments may be somewhat
less than if you were buying the car. Leasing a car usually
requires large down payments and security deposits, taxes and
fees. It isn't necessarily cheaper up front than buying a car.
Also, when you lease a car you have mileage restrictions. A
lease generally allows between 12,000 and 15,000 miles annually.
If you go over that amount you pay for each mile. This can
really add up.
Leasing doesn't mean you don't have to pay for upkeep. You are
held to the manufacturers specified servicing schedule for your
vehicle. If you don't have the required maintenance performed
this can void your lease. If you want to end the lease early
there are generally large termination fees. At the end of your
lease if there is damage to the car, or if there are missing
parts you will be charged for them.
Make sure if you are considering leasing a vehicle that you
understand all the fine print in the contact and all possible
extra costs before signing on the dotted line.
|
Categories 
