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Pros and Cons of Leasing a Family Car
Transportation is an important part of family life. It takes us to work, school, sports practices, concerts and many other activities. Families rely on their vehicles each and every day.
A good vehicle has to be durable. Most family cars have to put up with all kinds of weather conditions. They also have to endure messes made inside and outside the vehicle. They usually put on a lot of miles every year.
Some families choose to buy new or slightly used vehicles. Others opt for leasing their auto. Each option offers its own benefits, depending on individual wants and needs. Many car dealerships offer financing incentives for both options.
Here are a few pros and cons of leasing a family car:
Pros:
1. No need to worry about depreciation. When leasing a vehicle, you don’t have to worry about the car starting to depreciate the minute you drive it off the lot. The value of the car is determined when your lease is signed. Depreciation is one less thing to worry about.
2. Warranty protection. Another advantage is that there are no maintenance headaches with car leasing. Most leases are no longer than three years, and any maintenance during that time should be covered by your bumper to bumper warranty. You won’t have to shell out additional dollars for repairs or part replacements.
3. Lower monthly payments. On average, monthly lease payments are lower than monthly car loan payments. That’s because you’re only paying for a portion of the car’s value, which is usually the difference between the car’s current value and the expected value at the end of the lease contract. This keeps more money in your pocket for other things.
Cons:
1. Mileage caps. One disadvantage of many car leases is that miles are not unlimited. They are usually capped at a maximum of around 15,000 miles. This can be a problem for families who are used to taking a lot of weekend or summer road trips together.
2. You have to keep the interior clean. Another consideration for families with young children is keeping the inside of their car clean. At the end of your lease, the dealership will expect the car to be returned in the same condition as it was at the start of the lease. This means that parents usually have to be very diligent in keeping the interior clean and free of scratches, scuff marks and rips or tears in the upholstery.
3. Not every maintenance item is covered under warranty. While many car leases cover repairs under warranty, not everything is covered. This means that you are still responsible for making sure the regular oil changes, tire rotations, fluid checks and other required maintenance is done on a regular basis. The dealership may ask for paperwork to prove that those maintenance items were completed before you turn in your car.
These are just some of the pros and cons of leasing your next family vehicle. Leases are a great option for people who want to own a car with the newest bells and whistles for a while. However, it still means that you have to take good care of your vehicle. Take the time to carefully research the vehicles that you are interested in and the financing options before making your decision. A vehicle is an important investment in your family’s future, so you want the best option that keeps you on the road getting to where you need to go and where you want to go for several years to come.