Leasing a car is an ideal situation for many people. It allows you to always drive the latest models and affords you the lowest monthly fee. Many potential buyers are not even aware that leasing is an option. Either that or they relate the enterprise to car rental. Leasing a car is a different animal however. When you lease it is typically for a period of three years. The monthly payments are lower that what you would pay if you financed a new car, but at the end of the rainbow is not vehicle ownership. This is because when you lease you are not buying the car.
A leased car is always under warranty. This means that other than simple maintenance costs, such as oil changes and tire replacement, you will not have to pay for major repairs. Any and all significant auto-work is paid for by vehicle warranty.
Some leases even come with a maintenance free program that pays for tire replacement and oil changes as well. Leasing protects drivers against market depreciation, it usually carries the option to buy, if you use it for business you get a big tax break, and it ensure you are always driving a new car. If you lease than your automobile will always be top of the line, with the latest whiz-bangs installed in it. Now this may make you want to go right out and lease a top level car. But before you lease a Lexus Brooklyn NY., there are some fine print details you have to know.
You Pay For Miles
When you rent a car part of the price factors in miles. You essentially pay for the amount of miles you will be traveling. Same idea when leasing except the miles are presented as a limit. Most leases set you up for 15,000 miles. You exceed that you have to pay an additional fee per mile. If you will never drive over 15,000 miles it is not a worry.
You Have to Keep It Nice
As you are not actually buying the car the same rules apply for a leased car as a rented car. You have to keep the interior and exterior in good conditions. Excessive wear and tear will result in stiff fines. Same thing goes for car performance. If you treat the vehicle a little to rough and it absorbs more than marginal damage you will pay for that too. Once again this is only a problem if you fit in this certain category.
They Come With Stiff Fines
A leased car has pretty nasty fines. You definitely do not want to fall behind on a leased car. You also have to ride the contract out. Turning in a leased car too early will result in a fine. This means there is no turning back once you sign, you are stuck for three years. This is why before leasing look at your budget and work out the payments.