Leasing 101: Best Candidates for Leasing Over Buying
As new car leasing becomes increasingly more popular among car buyers, you’ve probably asked yourself if leasing is right for you. Well, that all depends on your situation.
To help you figure out if your driving/life situation would benefit from leasing instead of traditional financing, we’ve put together a few examples.
Established Professional with Reasonable Commute
If you’re a professional, in any field, you want to look the part. Leasing allows you to stay up-to-date with the latest vehicle, and helps you worry less about breakdowns, costly repairs, and other car-related inconveniences.
However, be mindful of how much you actually drive your car, and always shoot to overestimate your mileage. If your commute is 50 miles a day, and you’ve only got 12,000 miles per year allocated, you might end up going over.
Small Business Owner
A small business owner is probably the perfect candidate for leasing, as there are tax benefits to using the car for business. You’ll want to consult a tax professional, but most business use of the car is deductible and (depending on the usage) can help you offset the overall cost of the lease payment.
Buyers with Seasonal Transportation Options
If you want to lease a really nice car, such as a sports car, for spring, summer, and fall, and then fall back on a beater for the winter, leasing might be a good option. This may depend on your want for a newer car every few years, how much you drive, and how much lower your monthly payment will end up.
Those with Good Public Transportation Alternatives
If you live in a large metro area with access to public transportation, you would really benefit from a lease. Using public transportation for commuting or quick errands, your car can be used for day trips, or weekends when waiting public transportation would delay your activities.
There are probably thousands of possible scenarios, but only you will know if yours is right for leasing. Hopefully this information will help you make a more informed decision during your car buying journey!