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Sunday, April 21, 2024

Why Leasing is on the Rise: 5 Advantages to Lease vs. Buy

A recent Polk study revealed consumers are returning to vehicle leasing. With more people wondering how they can afford to drive a new car or truck, leasing is proving to be an attractive option once again. Here are a few reasons why shoppers are choosing to lease.
  1. Little or No Down Payment – depending on your credit history.
  2. Smaller Monthly Payments – up to 60% less than a purchase loan.
  3. No Maintenance Bills – repairs are covered by the manufacturer’s warranty.
  4. Modest Sales Tax – you will only be taxed on the value used during the lease.
  5. Always Drive a New Car – Leases usually run two to four years, at the end of the term you can easily lease a new vehicle.
Leasing isn’t right for everyone, but it does have some excellent benefits. Review all your leasing and buying options before you buy.