Majority of people buy their vehicles but there is another option- leasing a vehicle. Yes, you can do this at a dealership too. Leasing a car allows you to drive a new vehicle without paying a large amount of money, think of it like renting a car for a couple of years.
What does it mean to lease a car?
To lease a car means you agree to a long term payment that enables you to pick a new car and start paying the amount agreed over a certain period. Sounds simple huh? Nope- not that simple. There are penalties if you don’t follow the lease rules. When the lease is up you will need to turn the car in and lose all the money you paid into it over the years.
Is leasing a car cheaper than buying a new one?
Vehicle leasing can be better if you plan to get a new car every 2-3 years instead of partying away with the larger amount of money out rightly for one car. It can also provide an opportunity for some to drive bigger and expensive cars on lease.
What payment will be due in the coming months/years?
Once a lease is contracted, payment schedules are planned to cover the period of usage in the lease. Some of the payments are the first monthly payments of security deposit. Additional down payments for a license, vehicle registration, freight, destination charges, taxes, and processing fees are covered.
What type of lease is undertaking?
If you choose closed-end leasing, the car will be worthless at the end of the lease than the initial value. Make sure you understand the payment process before signing any leasing agreement. It is best to think the lease over for a couple of days. Don’t make an agreement on the final sale price until you think it over and talk with your family.
What is the duration of the warranty and what does it cover?
If you lease by the manufacturer’s warranty length, you will not pay for major repairs. Ensure that the manufacturer’s warranty is in your agreement to possibly cover the miles you drive. If you exceed miles that are stated in the agreement then you can be charged for every mile over the amount agreed. Usually, that runs .10 to .15 per mile but that can easily add up.
What are the charges of wear and tear?
You must ask questions and fully understand the meaning and implication of wear and tear before you sign the leasing agreement with a car leasing deal. If you don’t keep the car in good condition inside and out then you will be charged for that too.
What maintenance expenses is your responsibility?
For the period you are going to possess the car, all maintenance responsibilities will be borne by you as the legal owner, such as insurance, oil change, tires, and brakes. Make sure to have that in the contract or what the dealership covers as well.
Before you sign any papers or make a decision please make sure you check out Legacy Chrysler Jeep Dodge and they can get you in the car of your dreams!