4 Reasons Why Leasing A Car Is The Smartest Way To Drive
Oct 14, 2017 16:46
There are three ways you can acquire a car for personal use: one of them is by cash purchase; the second way is through financing; and the third way is through leasing (technically custody). Whichever option you choose, it’s good to take time and make the decision based on your financial situation and projections. You’ll also want to evaluate your lifestyle, and how you intend to use the car – different methods of acquisition work better for different uses. Overall, however, leasing appears to be the best option for most people, and in this blog will look at the four reasons why leasing a car is the smartest way to drive.
It’s better for temporary use
You might be a student, heading off to school for a semester; or a newly-arrived immigrant who isn’t sure where they’ll be in a few years time – with leasing at respected companies like www.autoone.ca you only have to concern yourself with the monthly cost of the price, and are not stuck with the car once your lease term is over. Simply put, you should not buy a car for personal use if you do not intend to exploit it for its entire lifespan. Reselling a car always fetches a loss for anyone who isn’t in the car sales business, so leasing a car in such a case presents the most financially viable solution.
Driving a better car
Purchasing a car is way more expensive than leasing one, and while, when buying, one pays for the entire value of a car, when leasing, one only pays for value lost in a car during use. Therefore, for the same budget, you can access a much better car through leasing than through buying or financing.
Leasing is good for monthly cash flows
Leasing a car is always better for cash flow than the financing option, where your payments are larger monthly, and are on the full value of the car rather than the depreciated value. Also, apart from the higher cost value and interest rates that you have to pay when financing a car, you will also incur higher tax charges – for every dollar that you spent in purchasing a car through financing, you will pay some tariff. The same applies for leasing, however, through leasing, you will pay fewer dollars and consequently, incur less tax charges. Additionally, depreciation charges on leases are tax deductible, while interest charges on car financing are not.
A car lease allows you to change cars as frequently as the expiry of the lease period. Financing binds you to one car for life, unless you would prefer to pay more for every other you choose to finance.
Leasing really is the best option when looking to get behind the wheel, and your best bet for leasing is to talk to a company with knowledgeable and experienced representatives. Through consulting with dedicated representatives, you can better evaluate all your choices and decide for yourself whether leasing is better than buying.
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