Leasing a Car: Comparing the Advantages and Disadvantages

Leasing a car is something that many people do with regularity. When you have the option to lease or buy, a certain number of people are going to choose leasing. While it can be beneficial, it is not for everyone. There are some advantages and disadvantages to the method that everyone has to deal with. Here are a few things to consider about leasing a car.

Advantages of Leasing a Car

  • Down payment--Many times when you lease a car, you can get by with a low down payment. Many times, you may not have to pay anything at all. When you pay something down on a lease, you are essentially just buying your payment down. Therefore, if you are happy with the payment, you should not have to put anything down. 
  • No maintenance worries--Another great thing about leasing a car is that you do not have to worry about maintenance. As long as you put gas in the car and change the oil, you should be good to go. If something breaks down or stops working, just take it back to the dealership. It is their car, and you will not have to pay to fix it. Not having any maintenance expenses can be very beneficial in the long run.
  • Drive new cars--When you get in the habit of leasing, you are going to be getting a new car to drive every few years. Many leases run for three years. Therefore, every three years, you will be getting a new vehicle to drive. Driving a new car is more enjoyable than wearing one out for several years. They run smoother and look nicer than the alternative. 
  • Affordability--When you lease a car, you can actually pick out a higher priced model than you would be able to buy. The payment on a lease is always going to be lower than actually buying the car.

Disadvantages of Leasing a Car

  • Always have a payment--Getting out of the routine of leasing cars is very hard. With a typical auto loan, you will be making payments for five years and then the vehicle is yours to keep. You could potentially get several more years out of the car without having to get another one. This will give you some time after you pay off the car to avoid a monthly payment. If you always lease, you will always have a payment to deal with. 
  • Mileage--Another disadvantage of leasing a car is that you have to worry about how many miles you drive. There are only so many miles in your contract, and if you go over, it can be very costly. 
  • Damage--If you do not maintain the car according to the dealership's standards, you could face some penalties to get the car back up to par. These fines can be costly and sometimes very difficult to avoid. 
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