If your shopping around for a new vehicle these days, the financial aspect of the decision can be a major part of the whole process. In effect, there are three options when it comes to the financial aspect of purchasing a vehicle:
All have their own advantages and disadvantages depending on individual circumstances. In this post we will look at the leasing option. (We've inserted a video below which seeks to answer which is better, buying or leasing a vehicle?)
- Cash purchase
- Financing (monthly or bi-weekly)
- Leasing
All have their own advantages and disadvantages depending on individual circumstances. In this post we will look at the leasing option. (We've inserted a video below which seeks to answer which is better, buying or leasing a vehicle?)
Leasing a vehicle is very much similar to renting, you don't own the vehicle and the monthly payments are very similar to rental payments. Most lease terms are around the 36 month area and can provide the option to buy out the remainder of the vehicle value at the terms end.
The upside to this option is the ability to get in and out of a new vehicle every few years. This is great if you like change or don't like the potential hassle of vehicle maintenance once the years and mileage start to build up.
The downside is the lack of ownership, those monthly payments don't equal any personal equity into the vehicle.
Additionally, the leasing option can be an ideal fit for business use as portions of the monthly payment can be differed as an expense to the business in question (seek professional accounting advice before proceeding with this option).
Our Accredited Leasing Location (Import Auto Leasing) offers a variety of vehicle options to suite lifestyle and/or functionality with varying leasing terms.
The upside to this option is the ability to get in and out of a new vehicle every few years. This is great if you like change or don't like the potential hassle of vehicle maintenance once the years and mileage start to build up.
The downside is the lack of ownership, those monthly payments don't equal any personal equity into the vehicle.
Additionally, the leasing option can be an ideal fit for business use as portions of the monthly payment can be differed as an expense to the business in question (seek professional accounting advice before proceeding with this option).
Our Accredited Leasing Location (Import Auto Leasing) offers a variety of vehicle options to suite lifestyle and/or functionality with varying leasing terms.
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