Are you thinking if leasing a car is better for you? Here are four questions you need to ask before you make the important decision.
Questions #1: Do you have any lease specials?
Leasing a car is great if you have a limited budget. And you can go even lower if you ask the leasing company if they have any auto lease specials. There are some companies who offer huge discounts on auto leases so they can increase people’s interest in the models that are harder to sell. You get more savings there!
Questions #2: Is the lease contract transferrable?
There are some auto lease companies who allow lease contracts to be transferred to another individual. This is great for people who have plans of moving in the foreseeable future. Auto dealers understand that today’s consumers have more expectations and demands when it comes to flexibility and they do offer it, but to be sure, you need to ask this outright before signing anything.
Questions #3: How long is the lease and what happens when the contract expires?
Common lease contracts run from 24 to 60 months. This flexibility is beneficial to many car leasers who wish to upgrade regularly. When a close-ended lease expires, you need to return the car to the auto dealer. While there are some costs that you need to pay, the end goal is that you return the car.
Questions #4: How much can I really save?
The answer to this question depends on which are you are planning to lease. The good news is that you can use a novated leasing calculator to compute your projected savings if you lease a particular type of ride. And since this is a web-based application, you can do this without even calling a leasing company. You can do you research and your projections even before you make that trip to the leasing company. This way, you already have an idea how much you need to fork up.
Auto leasing is not for everyone but it does offer more people the chance to “own” a car for a while. Whether you lease of buy, keep in mind that you still need to maintain your car and the expenses rest solely on you.