For those in the market of purchasing a new car, the question of buying or leasing always comes to mind. What really is the better option here? While both choices have pros and cons, leasing is growing in popularity over the last decade and is showing no signs of slowing down.
If you have never leased a car before, the process can seem a bit daunting and more geared toward business owners, or people who can’t afford monthly car payments. The truth of the matter is that there are significant benefits to leasing a car, no matter what your career or income status is. So, is leasing a car better than buying? Many folks are saying yes. What appeals to most is the lower out of pocket cost when acquiring the vehicle, and not having to worry about paying the maintenance fees. With little to no down payment, no upfront sales tax, and the ability to drive a new car every couple of years is the main draw for customers who chose this route.
Leasing a car is a simple process as well; you are essentially borrowing a vehicle for a fixed amount of time. This allows users to drive the latest cars on the market, have full warranty coverage, all without paying back any principal. On average, users lease a car for 3 years, and since it’s new, it will always be during the car’s most trouble-free years.