People who have only ever purchased new or used cars may not be sure of how the leasing process works. If you’ve been considering leasing an Acura, you may be interested in learning about the potential benefits of leasing compared to buying. Here’s what you need to know about how leasing works, the benefits of leasing, and other advice for your next car from a St. Petersburg area Acura dealer:
Understanding a Car Lease
Your lease payments cover the cost of the vehicle’s depreciation and the fee for renting or using the car for your lease period. Depreciation is basically the difference between the cost of the car and the remaining value of the car, as well as any other fees you roll into the lease payments which may include taxes. You will drive the car for the lease period and then return it to the dealership or some people choose to buy the car when their lease expires.
Benefits of Leasing Cars
There are many reasons why people decide to lease a car instead of buying. While the benefits won’t apply to ever driver or situation, here is a list of common benefits leasing allows people and you can decide if they would also benefit you:
Always drive a new car – if you lease vehicles instead of buying them, you will be driving in a new car all the time. Your car will only ever be two or three years old, depending on your lease terms.
Limited maintenance expenses – because you are always traveling in a new car, you are likely never to have any major repair expenses. You will only need to keep up with the basic car maintenance like ensuring the tires are properly inflated and routine oil and oil filter changes.
Enjoy the latest technology and features – also because you are always in a new car, you can experience all the latest in car technology and features. When cars put in new navigational systems, entertainment systems and safety features, you get to experience them each time you exchange your lease for a new leased vehicle.
Lower payments – you can lease vehicles for much lower monthly payments than you could buy the same vehicle since you are only paying for the depreciation of the car during your lease term and the cost of borrowing the car during that time frame. When you buy a car, you are paying for the entire cost of the vehicle.
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