Why Does Leasing a Car Get Such a Bad Reputation?

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leasing a car get such a bad reputation

Is car leasing good or bad? This is the eternal question that people who want to have a car must ask themselves. Some people think it is just a waste of money, while others think it is cool to have the coolest car possible so they always want to have a new one, so leasing works for them. So, why do so many people think that leasing a car is not the best? Here are some of the major reasons.

Finances

When you buy a car, you definitely pay more over a shorter amount of time. Leasing saves you money in the short term. However, when you consider that with a lease you will never be without a payment, it really doesn’t make sense. With a car, there is a chance that you will pay it off and then keep the car for several years, which will save you money in the long run. Plus, when you have a car that you bought, it retains value. You can trade it in or sell it in order to have a great value that you have paid for. The main benefit to leasing is that you get to have a fresh new car whenever you want it and for the most part you can pay less per month with a lease, even if you get a fancy luxury car that you’ve always wanted.

So, Why the Bad Rap?

When you consider all the maintenance costs that come with owning and purchasing a car through financing you really aren’t actually saving much when you get into the long-term car ownership game. Plus, most people don’t actually wait until their car has reached its financial zenith where it actually pays off to keep it past its prime before they get a new one. Some people also just do not like to drive a vehicle they do not own. They don’t like the idea that some bank owns the car and it just sets them off on a bad food. So whether or not you will lease depends on your mindset and preferences. It’s really just a matter of taste. Even though it gets a bad rap, there is a reason why plenty of people still lease cars, so if you’ve always wondered about it, try it out for yourself!

Car Leasing Mistakes

So now that you’re ready to lease, you need to watch out for these common leasing pitfalls. The number one mistake is not getting gap insurance. This covers you for the difference between how much the car is worth and how much is owed for an accident. Another bad thing people do when leasing is underestimating the mileage. You will have to pay extra for that when you turn in your car so make sure your estimates are accurate. Don’t lease a car longer than the duration of the warranty. That is just a bad idea because then you will be paying for repairs on a car that doesn’t belong to you.

Breaking your lease is kind of pricey if you decide to forego the whole thing. However, if you decide that you want to get out of it, you can always try to swap your lease which means you will find someone new to take it over. This is a popular option for both buyers and sellers of cars because people change their minds and want different things in life. Finally, do all the repairs required by the car on time. That’s because if you do not do it then you will need to pay for them when you return the car to the dealership and that’s just no fun!

So now you know the answer to the question “Why is leasing a car bad?” It’s not really all that bad, it’s just one of those things that has a positive side and a downside. You just have to do it in the right way to make it work for you. Leasing is a great option that is more than worth exploring so do your research and find out what you can do to get that low monthly cost and exciting fresh car to drive.