Car lease is one of the best ways to drive your dream car for a limited period of time. In simple words, it is simply a deal on which you can own a car on lease for a fixed time period. Most of the people consider it exactly similar to car rental, but you will find one big difference with this vehicle leasing. In car rental, one can own the car for a day to a month, but with this option, car can be owned at least for a year time. There are certain things that need to be considered before lease a car.
The first and foremost thing which you need to look carefully is the price. Before signing any deal with the lessor (company), it is necessary to have a clear picture of pros and cons of the entire process of owing a car on lease. It is always a good thing to negotiating the price. Another thing is the contract length because looking at the length of leasing contract; you can decide your budget. Last by not the least is the penalty on lease terminating which gives lessee (person who lease the car) a picture to take the right call.
In the present time, it is quite beneficial to have car on lease rather to buy a new one for yourself. There are some disadvantages associated with buying the car like:-
• Owner has to take extra care of his or her car
• With each passing year, car value comes down
• Higher maintain cost makes it more costly as compared to having a car on lease
• With new car, you may face tax hurdles
On the other hand with car on lease, you can own any brand’s car on the monthly basis rental. You can lease any model, any type of car for your purpose. It is said that cars having lowest depreciation value are the excellent for the lease agreements. Safety features and sitting capacity are two other prominent points that should be checked carefully before finalizing the deal. To remain on the safer side, it is highly important for you to have a well knowledge of laws of vehicle leasing. Generally there are two types in leasing a car:
• Open end leases
• Closed end leases
It’s always better to go for deep research and check the track record of the leasing company before making a final call. So, play safe and have a dream car at your door step with a proper knowledge of leasing a car.