What to Know About Leasing a Car
If you’re looking to get a new car, buying isn’t your only option.
When you lease a vehicle, you agree to borrow it from the dealer for a specified term, usually three years, and then return it when the lease is up. Leasing a car is sort of like renting an apartment — you don’t own the vehicle, so there are limits to what you can do with it, but it’s also less of a commitment than buying.
To learn more about leasing, browse our available models, or get the process started, contact us right here at Quirk Chevrolet Of Bangor.
WHAT ARE THE COSTS OF LEASING?
Leasing is typically much more affordable than buying; the monthly payment is based on the amount the vehicle will depreciate while you drive it, rather than its total cost.
You can also deposit a down payment, which can further reduce your monthly expenses. Additionally, since leased vehicles are almost always brand new, your new ride will most likely still be under the original manufacturer warranty, saving you even more money.
ARE THERE OTHER BENEFITS TO LEASING?
There are a lot of benefits to leasing. For one, switching your car out for a new model at the end of the leasing period is a much simpler process than trading or selling a vehicle you own to buy a new one. If you like having a car with the latest features, leasing is a great option.
It also lets you get more car for less money. You might only be able to afford a lower-end vehicle if you buy it, but a lease will let you buy something more luxurious or feature-rich.
WHAT ELSE SHOULD I KNOW?
The flexibility of leasing does come with a few restrictions. One of the most common is mileage limits, which are aimed at keeping the car’s value as high as possible when you return it to the dealership. You can pay a bit more to raise the limit if you travel long distances frequently. Additionally, most leases don’t allow you to modify your vehicle, so if you’ve got your eye on a lift kit or underbody lights, a lease may not be the right choice for you.