If money is an issue, you might decide to lease a car instead of buying one. Monthly lease fees are way cheaper than car financing. You also can’t afford to pay in cash. Despite the seeming practicality of leasing a car, you should avoid it. Be willing to spend more and own the vehicle
The vehicle will be yours
You might not be the instant owner if you finance a car, but it will eventually be yours. As long as you paid the payments and made it to completion, the title gets transferred to you. A car lease won’t make you the owner. You keep paying for years and have to return the vehicle at the end of the contract. There’s an option to buy it, but it won’t be worth it at that point.
You won’t have to follow strict rules
When you lease the car, you have to return it eventually. Therefore, you should follow strict guidelines. If the car has scratches and dents, you will pay for them. You left a deposit at the beginning of the term, so the rental company can easily deduct it. You will feel extra cautious because you know the car isn’t yours, and you will be accountable if things go wrong.
There’s a mileage limit
Just because you have a new vehicle doesn’t mean you can bring it wherever you want. For a leased car, there’s a mileage limit. Once you reach it, you will pay for every extra mile. It’s on top of everything else that you already paid for. You might not enjoy road trips since you have to be cautious about reaching the mileage limit.
The amount is quite close
You think that you’re saving more money if you decide to lease, but the monthly fees might not be so cheap. If the difference is just a few hundred dollars, you might as well buy a new car. The only reason you should consider leasing is that you love to try new models, and you quickly get bored.
Check the contract
If you still think about leasing a car, you need to check if the contract is fair. If asked to finish a deal of more than three years, you should refuse. At that point, you seem to pay almost the entire value of the vehicle. On average, car financing lasts for five years. Don’t lease a car close to that limit.
Getting involved in an accident
Perhaps, the most worrying part of leasing a car is getting involved in an accident. Even if the car has insurance, the rental company might still penalize you for being reckless. It also affects your chances of renting vehicles in the future due to your terrible record.
After an accident, you shouldn’t think about the consequences. Just call the police and inform them of what took place. Call a Fort Lauderdale towing service too, for someone to remove the car from the area. Do the right thing and face the leasing company later.