LEASING OFFERS PERKS WITHOUT THE COMMITMENT
If you’re eyeing a certain trim level of a new vehicle, but buying it may not be an option, leasing could be your best bet. This is also a good choice for drivers who love getting the latest features every few years.
While leasing lets you get the newest state-of-the-art amenities, you can’t make any big cosmetic changes to the vehicle. This is because you’ll need to return it the dealership in the same condition as when you first got it. Otherwise, you could be paying a fee.
However, if you decide to buy it instead of getting another lease after the term ends, you’ll then own it and can customize it any way you want.
Another thing to remember about leasing is the monthly payments. You’re mainly only paying for the depreciation of the vehicle’s value during a lease term (usually about three years), plus taxes and other fees. As a result, lease payments are generally lower than loan payments.
But while they’re typically lower, you’ll need to think about mileage and maintenance. Before signing a lease contract, figure out how many miles you’ll be driving per year. Most leases have a 9,000- to 15,000-mileage cap, with 12,000 being the average. If you go over your miles, it could result in overage fees. You also need to make sure you keep up with routine maintenance. This will not only adhere to the terms of the lease agreement, but it’ll also ensure the safety and performance of your vehicle.
LEARN MORE TODAY
If you still need more information on buying vs. leasing, or have decided which method you prefer, CONTACT OUR FINANCE DEPARTMENT
at Ira Lexus of Danvers. We love helping drivers in the North Andover, Peabody, and Danvers areas drive home in their ideal vehicle, and we look forward to working with you.