6 Benefits of Leasing Your Vehicle Instead of Buying
Leasing A Vehicle
There are many options when the time comes for a new vehicle, but you might find that leasing is actually your best option in a lot of cases. There are many benefits to leasing a car as opposed to purchasing one – read on to discover the 5 main advantages.
The biggest benefit is that you do not have to worry about depreciation, which can be as much as 35% after just one year. A car starts losing value from the moment it leaves the dealership so you could take a huge financial hit when the time comes to sell, but with a lease this is not an option as you simply return the keys at the end of the agreement.
There are many running costs involved with motoring which can make it difficult to budget for. It is more straightforward when you lease a car as you can often include insurance and even maintenance costs in the agreement so that you know exactly how much you are spending and in just one payment.
There are a number of different finance options when it comes to car ownership, but often you will find that you still have to put down around a 20% deposit which can be a significant amount. When you use a reliable leasing company like Zen Auto, you typically only have to put down a much lower amount and browse many great and flexible deals.
4.Affordable Way to Drive a New Car
Buying a new car can be incredibly expensive and even a finance deal can be difficult to manage with expensive monthly repayments. You will pay far less with a lease on a new car because you are paying for the depreciation instead of the car value, plus at the end of the agreement you simply return the keys and can then take out a lease on an even newer car.
Following this, by driving the newest cars every few years you will also benefit from all of the best and latest technology. Car tech is constantly improving and can improve the performance, entertainment, safety and economy of a car so you will be benefiting from all of this and much more when you arrange a lease instead of purchasing a car and owning it for several years.
6. Tax Benefits
This benefit is especially valuable if you own a business. When you purchase a car (in the U.S.) you can only write off a small portion of the cost. However, when you lease a vehicle that for your business, you can write of the full amount of payments, relative to the use of the vehicle for work. For example, if 80% of the time you use it for work, you can write off 80% of the total of your yearly payments in most cases. You should of course speak with your accountant or tax professional to get the specifics of your situation, but this can be one of the top benefits of leasing.
These are the 6 main benefits that leasing a car has over other finance options or buying a car outright. As you can see, there re major financial advantages to leasing but this is not the only reason and for many motorists it works out to be an excellent way to drive the best and latest cars and drive something new every few years without worrying about selling the previous vehicle.