It seems like the minute you buy something these days it’s outdated. You buy a smartphone and a month later there is something smarter. You buy a notebook that is so thin you can practically see through it and sure enough, they come up with something thinner. You buy the biggest big screen they have and JUST before the big game, Jumbotron hits the market. So when it comes to your next vehicle, is leasing versus buying really a question?
Leasing a vehicle has a lot of advantages, one of which I’ve already mentioned – you drive vehicles with the most recent standard equipment and up-to-date technology. Think about it. It wasn’t all that long ago that some of us were in the back seat playing Slug Bug with our siblings and now a family road trip consists of movies, tablets, Wi-Fi, chargers and the likes of all things electronic. Where would we be if we didn’t have a vehicle that could support all of that?
I’ll tell you where. Moms and dads would have to go back to holding their breath and praying that Slug Bug didn’t turn into back seat Wrestle Mania before the family destination was reached.
More important than simply a back seat gadget get-away, let’s talk safety. From standard safety equipment to the almost overwhelming amount of optional safety features from which to choose, engineers are designing vehicles that look out for us when we fall short. Updating your vehicle more frequently means the most current technological, engineering and design enhancements that keep you and your loved ones safe.
In addition to what’s new and what’s now, leasing may yield lower upfront out-of-pocket costs and a lower monthly payment, depending on the vehicle you choose and the terms of your contract.
Speaking of the terms of your contract, this is where understanding the flexible nature of a lease contract and how it can adapt to your lifestyle is important. Two items that you will need to determine is the term and the miles.
The majority of leases are written for a 36-month term, but if you already know that you will be keeping this particular vehicle for only two years, you’re ahead of the game because you know you want a 24-month lease. Now, you just need to determine how many miles you need.
Chrysler Capital standard leases are written for 15,000 miles per year, with low-mile and ultra-low mile leases available for applicants who drive fewer miles, and options to purchase upfront additional miles for applicants who drive more. Basing your expected mileage off the previous year’s driving habits is a good place to start estimating your average mileage needs.
Here I am, already at the end and I haven’t even mentioned the tax benefits that you may be eligible for (check with your tax professional – it varies by state), or the fact that Chrysler Capital leases include GAP coverage or that, in most cases manufacturers’ warranties cover the vehicle for the duration of the lease. And now that I have, again I have to ask – is leasing versus buying really a question?