Financing is not your only option for getting behind the wheel of the latest model release. Leasing a vehicle is also available. Like traditional financing, leasing a vehicle requires monthly payments, but the pros and cons are quite different.
By leasing, the car is never actually yours; it still belongs to the dealership. However, you are free to use the vehicle as you please while it’s in your possession.
Pros to leasing a vehicle include:
- Full warranty. Maintenance issues are the responsibility of the dealership under a lease.
- Lower down payment. Leased vehicles often require a lower down payment and lower monthly payments.
- Great for business. Leased vehicles used solely for business can earn tax deductions.
Leased vehicles do have cons, too – namely limits on the amount of miles you are allowed to drive and returning the vehicle at the end of the lease.
Continue reading to learn more about deciding between financing and leasing a vehicle.
