If you are in the market for a new Lexus, then one of the best options available right now is leasing. Unfortunately, there are many misconceptions about both the advantages and disadvantages that come with this particular approach. Because of the sheer amount of misinformation, many buyers are reluctant to take on leasing offers even when they will be financially beneficial. This article will dispel some of the common misconceptions associated with automotive leasing and explain why it might be advantageous for you to consider a lease for your next car.
Isn't Leasing Just Renting?
Many people associate car leases with rental cars, but a better analogy is apartment rental. And, just as with renting an apartment versus buying a home, an automotive lease often offers significant financial advantages. In particular, leasing your car allows you to avoid the considerable loss of value that comes from owning a depreciating asset such as a car. Additionally, the long-term nature of a lease means that you will be paying far less per month than you would with a short-term car rental.
Aren't Leases More Expensive?
It is a common misconception that leases are always more expensive than car loans. In reality, the overall cost of a lease versus a loan depends heavily on your approach to car ownership. For very long-term owners, car loans can be competitive since the length of ownership can outweigh the maintenance costs associated with keeping a vehicle beyond its warranty period. On the other hand, loans are almost always more expensive for buyers who intend to trade in their cars after only a few years. The lower monthly cost of a lease combined with the lack of a down payment means that your total cost of ownership can be significantly lower.
Won't You Be Penalized For Minor Wear and Tear?
Even if leasing is financially advantageous, many first-time leasers are concerned that the dealership will charge them an excessive amount for dings and dents. Fortunately, this is seldom the case. Your leasing agreement will spell out what constitutes normal wear and tear. It is essential to read this document carefully, but in most cases, it will absolve you of responsibly for dings or other cosmetic damage that can reasonably be expected to occur with regular use. For more severe damage, you can avoid penalties by having a reputable auto body shop conduct repairs before your lease expires. In many cases, having your car inspected by your dealership before your lease runs out can give you a good idea of what your final costs will be.
While leasing might not be right for all buyers, it is a good option for anyone who wants to avoid the long-term maintenance hassles of owning an older vehicle while also keeping monthly payments manageable. If you haven't considered a lease before, then now is the perfect time to discuss this option with your dealership's financing department.
If you're looking at a Lexus for lease, contact a local resource for more information about this process.