SHOULD YOU LEASE A CAR? SOME PROS AND CONS TO CONSIDER
When it comes to driving, consumers have many habits in common. For example, according to Autotrader’s Car Buyer of the Future study, 84% of consumers prefer to buy a car in person. However, one fundamental difference that separates many drivers is whether they prefer to buy or lease their vehicles. There are pros and cons that come with both buying and leasing a vehicle, and knowing which option is right for you is the first step to finding your next vehicle. Here are just a few pros and cons associated with leasing a vehicle.
There are many logical advantages that come with leasing a vehicle as opposed to buying. There are usually lower monthly costs associated with leases as opposed to loans. You’ll also get the excitement of being able to drive a new car every few years, whether it’s a Cadillac, Escalade, or another luxury vehicle. Your vehicle is also protected by a warranty, which means you won’t be left to foot the bill after an unexpected mechanical malfunction. Furthermore, you won’t have to worry about selling or trading your car once your lease is up. For many drivers, having this type of peace of mind is absolutely priceless. With a lease, you can forget about depreciation and resale value altogether.
While there are some serious potential benefits of leases, it’s important to understand their requirements as well. For example, you’ll need to make sure you have a predictable and stable source of income in order to pay your lease each month. You’ll also be limited in the number of miles you’re able to drive without paying an extra fee, which can be inconvenient if you’re the type of person who frequently travels for business or pleasure. You’ll have to also make sure that your car receives adequate and consistent maintenance so the quality of the vehicle isn’t compromised once your lease is up. Overall, it’s generally agreed upon that those who opt for leases end up paying more over the long term to get similar benefits.
Ultimately, 2016 set a record of 17.6 million cars and trucks sold in the United States, and understanding these pros and cons of leasing a vehicle can help you make the decision that you feel provides the best value. For more information about investing in a luxury Cadillac or Escalade, contact Wackerli GM.