For a lot of people, the choice of leasing vs. buying a car is a matter of your financial freedom, and overall priorities. Many new car ads these days show us vivid scenes of a family going on road trips and forming a “bond” with their car. Car companies try to convince us that “Buying a car is worth it because the car will become a part of you!” This may sound too cheesy to be true, because it is. Leasing a car is a great way to save your money, and always be paying an affordable, reliable way to get from A to B
The true cost of buying a car
Sure, buying a car sounds great. It sounds like financial freedom, and self ownership. After all, once you’ve paid for your own car, you have an asset! Something that will appreciate in value over time! Not so fast. It’s important to remember that cars are one of the most depreciative investments you could possibly make, and they lose 15-20% of their value just by being driven off the lot. On top of that, the financial dream of “having your car paid for” is a nightmare for most. Monthly payments for a car loan are usually much higher than for simply leasing a car, which is crazy considering how many years it might take to finally pay off! It doesn’t make much sense to spend years paying exorbitant amounts of money for a car that will be a fraction of the value you’ve been paying for.
Why it’s time to lease a car
As interest rates continue to get lower, more and more people are choosing to lease. Companies are making it easier and easier to get great deals on your next lease. Check out these Ford Leasing Deals for your next car. Don’t just look at the financial benefit, think about what leasing a car means, and all the reasons people choose to do it, including:
- Getting a new car every few years once your lease is up – There’s no feeling better than zooming away to your next adventure in your brand new car. Many people are sick and tired of being in years of debt for an old beater car. When you lease, you can grab a new car every time your lease is up, and ride in style!
- No resale or tax worries – When you lease your car, you don’t have to think about selling it down the line. The headaches of getting a buyer to purchase your old car at a reasonable price disappears when your only worry is driving your lease back to the dealership! Also, the IRS gives special deductions for the depreciation and payments of leased cars used for business purposes!
- Leasing protects against depreciation you didn’t expect – Leasing is all about paying for the value of the car once you bring it back, which is a plus. Did you also know that if your car suddenly breaks down has an unexpected depreciation, it won’t be at your expense, but your dealers? Pretty sweet, right?
With so many financial and personal incentives, more and more people are choosing to lease their car. What are you waiting for?