Leasing Central: When, Why and How
Before we dive head first into the world of leasing, let’s start with a quick quiz to give you a rough idea of whether or not leasing might be right for you:
How many miles do you drive per year?
A: Fewer than 15,000 miles per year
B: More than 15,000 miles per year
How long do you typically hold on to a new car?
A: 3 years or less
B: More than 3 years
Owning a car free and clear:
A: Is not as important to me as driving a nice car
B: Is very important to me
Selling or trading-in my old car is a hassle
A: I agree
B. I disagree
How much money do you have in cash or equity in your current car to put down on a new car?
A: Less than 10 percent of the purchase price
B: More than 10 percent
The more times you answered A the more likely it is that leasing makes sense for you and that you should keep reading.
So you’ve taken the quiz and you might be a good candidate for leasing. But how does a lease work as compared to an outright purchase? Simply put, with a lease your monthly payment is based on the part of the car you’re using, much like a long term rental. As such there are some built-in advantages in terms of lower monthlies, as well as some drawbacks, such as not being able to share in the car’s value or equity. Here’s an overview on the differences between leasing and buying that will help you make an informed decision. Read More
Leasing does have advantages over buying, but it’s also a much different transaction. As a result, leases are structured differently than purchases and have their own unique terminology. Knowing how that monthly payment is calculated, as well as being able to take into consideration factors like upfront payments and residual or resale values can go a long way towards determining whether or not you’re getting a good deal. Our rundown of leasing terms and what to look out for, like excess mileage charges, provides good information to have before signing on the dotted line. Read More
Every month we put together a long list of top deals, then we handpick 10 standouts. And every month the list includes a variety of attractive lease offers. See the Deals