Kia Of Murfreesboro, Lease VS. Finance

Have You Ever Compared A Lease To A Car Purchase?

Most people have always purchased cars and are content to continue to buy instead of leasing. But once they learn more about a lease, they often reconsider their options. The common thought is that when you purchase a car, you end up having a vehicle that is paid off and that you can drive for many more years without the worry of a monthly car payment. However, when you put a lot of miles on that car each year, you might discover that the years after your car payments are completed are still filled with monthly repair and maintenance costs for a high-mileage vehicle.

The most significant benefit for high-mileage drivers when leasing is that they have a new car every three ot five years, or whatever the term of their lease might be. While they must remain within the mileage limit of the vehicle to avoid paying added fees, they have a new car with lower miles and virtually no repair costs for as long as they are leasing vehicles. The lease option is also great for a person who prefers always to have a new car with the latest features and options.

Benefits Of Leasing You Might Not Consider

If you are not familiar with leasing, you might not have a good idea of all the reasons some drivers find leasing the perfect choice for them, which include:

• Leases often include the routine service and maintenance of the vehicle, such as oil changes and tire rotations
• You can lease a more costly vehicle and keep your monthly lease payment more reasonable than a purchase payment, as you are only paying for the use of the car for the length of the lease, not the full purchase price of the car
• You will not need to worry about the trade-in value of the car at the end of the lease, as you would when selling a car – at the end of the lease, you simply turn the car in at the dealership and select the next vehicle you want to lease

The Drawbacks Of Leasing A Car

Many people do not like the idea of making lease payments and then not owning a vehicle when the payments are completed. But they are not considering that they are only paying for a fraction of the vehicle cost. The most significant issue many people have with a lease is the limited mileage allotted. This is a factor that can be negotiated at the time of the signing of the lease. But once you have signed the agreement, you are bound by the mileage specified in the lease. If you exceed the limited mileage, you could face a penalty of ten to fifty cents per mile at the end of the lease.

To learn more about the pros and cons of leasing as compared to purchasing, please reach out to the expert finance team at Kia of Murfreesboro.

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