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Tips On Car Leasing
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by:
Jeff Slokum
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Leasing a car isn't for everyone. If you're
like me and keep your car for many, many years then leasing isn't for
you. If however, you don't get "attached" to a vehicle as some of us
do, and you like having a new car every few years then leasing may be
for you.
Today's cars are built very well and you can expect to get a good
amount of mileage from your car. You can expect at least 100,000 miles.
If you purchase a car, you may have five years of payments, but your car
may last eight to ten years. This means three to five years of no
monthly car payments. However, as you car ages, the need for upkeep
goes up too. With more mileage on you car things start to break down
and costs to keep your car up mechanically may go up. It's doubtful
though that what you pay out for maintenance and car repair will ever
be as much as monthly payments would be.
When you lease a car, you make monthly payments just like you would if you
purchased a car outright. But, when a lease is up, you have nothing to
show for it. These monthly payments may be somewhat less than if you
were buying the car. Leasing a car usually requires large down payments
and security deposits, taxes and fees. It isn't necessarily cheaper up
front than buying a car. Also, when you lease a car you have mileage
restrictions. A lease generally allows between 12,000 and 15,000 miles
annually. If you go over that amount you pay for each mile. This can
really add up.
Leasing doesn't mean you don't have to pay for upkeep. You are held to
the manufacturers specified servicing schedule for your vehicle. If you
don't have the required maintenance performed this can void your lease.
If you want to end the lease early there are generally large
termination fees. At the end of your lease if there is damage to the
car, or if there are missing parts you will be charged for them.
Make sure if you are considering leasing a vehicle that you understand
all the fine print in the contact and all possible extra costs before
signing on the dotted line.
About the author:
This article courtesy of http://www.bmw-fanclub.com
Circulated by Article Emporium
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