For those who regularly choose to lease their vehicles, one of the distinct advantages over traditional financing is the shorter terms that go along with leasing. There are many benefits that go hand in hand with a short-term contract, and we’ll get to some of those in a bit. But the first step is determining the contract term that is best for you. Ask yourself, how long can I lease?
That’s right – ask yourself this question. It is, after all, your lease contract. Most lessors have standard minimum and maximum lease terms, but you are free to choose the length of your contract as long as it fits within those parameters. And only you know what fits your lifestyle needs.
For example, a friend of mine just graduated from college and needed a vehicle. He knows that in a couple years he’s going to be in the market for a larger vehicle. In the interim, he was looking for something contemporary and stylish, yet affordable. He leased a Chrysler 200 for 30 months.
Why was leasing the perfect choice for him? Well, it fit all his criteria, of course. Then there were those added benefits that I briefly mentioned earlier…
To begin, his vehicle is covered by the manufacturer’s warranty for the duration of his lease contract, should he have any mechanical issues. Because he leased through Chrysler Capital, GAP coverage was included, so he has peace of mind knowing that, if anything happens, he’s covered for a total loss. And the icing on the cake – when he’s ready for the larger vehicle, he can turn in his vehicle and lease or purchase a new one without any concern of negative equity.
In case you’re wondering, lease terms don’t always have to be written in six or 12-month increments. If you need to lease a vehicle for just over two years, inquire about a 27-month lease. Or if four years is just a little too long, ask about 42 or 45 months. Life isn’t cookie-cutter. Your lease doesn’t have to be either.
The options and flexibility of leasing today make it more attractive than ever, lending to its growing popularity. If you’re in the market for a new vehicle, your Chrysler dealer can help structure a lease that works for you.