I never really put much thought into leasing a car until recently. Why put money into something you are not going to eventually own, right? Maybe it’s my years showing but leasing a car is making more and more sense to me.
Cars are a necessity for most people but not something you buy as an invest opportunity. Most everyone knows by now that as soon as you drive that new car off the lot it is greatly depreciated. For this reason alone I have always resorted to buying a used car that I could either buy outright or make payments on.
If you are in a time of your life where you need to raise your credit score then getting a car loan and making monthly payments is a great way to do so. You need a car anyways and you need to pay for it one way or another so why not use the opportunity to raise your credit score. The other option to buy it outright is great if you can afford it or do not mind driving the kind of car you can afford.
At this time in my life, as a business owner, leasing my next car just makes so much sense. Not only is it a tax write off for my company but I will also see significant tax advantages if I go for an electric vehicle. This will allow me to drive a brand new car that is completely decked out with modern technology, something I have yet to experience.
Not only do cars greatly depreciate in value but they can become money pits with the constant need for regular maintenance and repair. Another plus about leasing a vehicle is you do not have to worry about maintenance costs as they are typically always included with the lease agreement. This reason alone should give anyone good reason to consider the idea of leasing a car.
I recently read an article about Cadillac’s new subscription based upscale car sharing program that allows you to essentially drive any one of Cadillac’s vehicles and switch them out as the need arises. This is great for someone who loves coupes but also needs a vehicle to tow around the family every now and then. If this program catches on it could be adopted by other dealerships as well leaving the possibilities for your driving experience to be endless!
If I do decide to buy my next vehicle instead of leasing, I will definitely find a reputable dealership that sells used cars at a phenomenal value. If you live on the east coast, check out my friends at Cherry Road Auto Sales in Rock Hill, SC! If they don’t have the vehicle you’re looking for in their current inventory, they will find it for you. This really sets them apart from a lot of other used car dealers.
Lastly, here’s a good video on the pros and cons of leasing vs. buying: