woman shaking hand of salesman while holding money in other hand

What are the Benefits of Leasing a Car?

Are you thinking of getting a new car but are new to the process? Are you considering leasing a new car but aren’t sure exactly what it means or what it offers instead of just buying a new car? Don’t worry, we can lay out all the benefits that leasing a new vehicle brings to drivers, right here! 

[Read More: What Car Brands Have Discounts for College Graduates?] 

More Affordable New Car 

Essentially, what leasing does is it makes new cars more affordable than a regular purchase. In a lease, you only pay the depreciation value, the difference in value between when you first bought the car and when you return it at the end of your lease (usually three years but can vary).  

Lower Monthly Payment 

young couple in car dealership next to car talking to car salesmanBecause you’re paying less total, this means that you’re also going to almost always have a lower monthly payment than if you were to buy a new car outright. And because you’re getting a lower monthly payment, you could possibly upgrade to a car with more options and features. 

Less Commitment 

Another benefit of leasing instead of buying is that it’s less of a commitment than buying a car is. Most lease contracts are three years, which gives you the chance to try a different new car in a couple years instead of having to resell it when you want a new one. 

Smaller Down Payment 

Many lease agreements also offer low down payments on a new car, with some lease specials even offering nothing due at signing. This is perfect if you don’t have the current money for a large down payment but still want a new car. 

Protected Under Warranty 

Since almost all new cars come with a warranty that covers it for at least the first five years, and most lease agreements are three years, you can be sure your new car warranty will protect you through the duration of your lease!  

Thanks for reading! Keep up our blog for more information and tips about saving money during the car-buying process!