Leasing is Back Baby!
To lease or to buy, that is the question. After a little break leasing is back at Boyer Chevrolet Buick GMC and quickly becoming a popular choice with buyers. Here are some fast facts to help you find out if leasing is right for you.
Leasing is an easy and quick way to get a new vehicle with little or no down payment. Monthly payments are less than a car loan. Some people use the difference to get a little more vehicle for their money. It all depends on how you want to budget your monthly cash flow.
Leasing is a great way to know your monthly costs in advance. It also gives you the opportunity to invest the payment difference into other areas of your life. Leasing has advantages for those who use their vehicle for business, need a short-term vehicle solution, or like to trade-in vehicles regularly.
- Monthly payments are applied to depreciation and not the purchase price of the vehicle. Lease payments are often much lower than car loan payments.
- The lease period is usually covered by the manufacturer’s warranty. You may even find that some regular service visits are covered for part of the warranty period as well. This helps with the monthly budget and you don’t have to worry about hefty repair bills.
- You have options at the end of a lease. You can switch over to a newer vehicle with very little hassle. That would be a great time to change the type of vehicle you drive to suit your current lifestyle. Don’t need that GMC Acadia anymore? How about a Buick Encore? However, if you just can’t part with the vehicle you can pay-off the residual and keep it for as long as you like.
- Keep in mind that there are a few restrictions when it comes to leasing. The vehicle has to be maintained and cared for in a reasonable fashion. You will be responsible for unreasonable wear and tear at the time the vehicle is returned. There are mileage restrictions that you should be aware of before you sign on the dotted line. You are also responsible for the fees if you go over your allotted kilometers. The good news is that the F&I department has solutions for these. For example, you can factor in extra kilometers at the time of purchase and there is XS Wear coverage (see my blog from June 2, 2014).
Want to learn more? Stop by Boyer Chevrolet Buick GMC or make an appointment with a member of our sales team to find out if leasing is right for you.