Leasing cars can be a great idea for some people. Before we look at a few of the best practices you need to keep in mind, let’s first identify the kinds of circumstances when leasing a car is not a good idea.
If you’re the kind of person who gets attached to his car, it’ll kill you to return the car in pretty good shape at the end of the lease. If you are the kind of person who likes to own a car and use it until it falls apart, leasing may not be for you. Leasing a car is not for you either if you are the kind of person who likes to be careless with his car. Every scratch and dent on the car will be taken out of your pocket when you finally turn it back in, and boy will you pay for it.
Lots of people get into a lease even if they fully well know that their plans for the future require a different kind of car – for instance, they’ll lease a coupe when they know that the will be starting a family the following year and they will need a proper family sedan then. And of course, Vehicle Leasing limits you to driving no more than a certain number of miles each year – usually 12,000 miles. If you’re the kind of person who has a sales job and who needs to drive long distances all the time, buying a car is the only option for you. Now that you know when you shouldn’t be leasing cars, let’s get down to some of the best practices there are getting a leased car.
People think that just because a car lease is so cheap, usually just $500 or so, that they are getting a better deal than they would if they bought a car. That’s not really so. At the end of the lease, you just have to walk away without so much as a pat on your back. Look on the Internet for services that will give you instant quotes on leasing cars, and a lot of the time, you’ll come up against a website that seems to promise you those quotes, but in reality only gives you quotes from their own leasing division. You don’t want quotes from a company that does any leasing on its own. They won’t give you the figures you need from the competition. You’ll only hear about what they offer you. You’ll need to go to a website that does no selling of its own.
Leasing a car is a great way to go if you don’t have good enough credit to swing a good APR. You can use the time the leased car is yours to build up your credit. If you don’t drive too much, leasing cars can be great way to get into a new car every new model year or so. Leasing cars though, you obligate yourself to buying very high levels of insurance. It’s just how the business operates. One unfortunate part to all of it is that your dealer will never itemize your trade-in car. And that is to your detriment.