Thinking about leasing a Mercedes, Lexus, BMW or any other luxury class vehicle? If you are an average American salaried employee, it can take you years to accumulate enough money to be able to purchase one of these. But, this does not mean you can never attain the dream of getting behind the wheel of one of these luxury cars. Leasing is the answer ladies and gentlemen, as with leasing, anyone can drive the car of their dreams. Leasing a car is a great solution for many reasons. Above all it fulfills your desire of riding your chosen car without having to wait for years to buy it, or without having to pay huge loan EMI’s for a high priced car. The car lease fee per month is much less compared to the EMI for the price of a car. Hence without buying a car, you still can use it and enjoy it for the amount of time you leased it for. And, you will not be asked questions for why and how you are using it, and through this period you use can use it like your own car.
The benefits of leasing a new luxury car
There are some great benefits of leasing a car, specially if you are leasing a high end car. They are as follows:
- Without taking the burden of a car loan, or having to wait for years to save for a car, you can lease a car, and enjoy a new car. This is a much cheaper solution while you enjoy the ride of a nice car of your choice.
- The cost of maintenance of a new car is low. Hence if you lease a new car for two to three years, then by the time your lease contract ends, the car is still in a trouble free fresh condition, and does not demands much maintenance. That is why you will likely spend very little in car maintenance over the lease period as the engine, tires, brake and parts are all going to be in impeccable condition.
- You can exit the lease and stop using the car at the end of the contract, and get another new car of any other model and company as you prefer. This gives you scope to change your style in short period of 2 to 3 years. If you are a car fanatic, you will enjoy the change in style and can experience various cars in your lifetime.
For all these reasons leasing a car is fun, economic, and also a smart way to enjoy trouble free and tension free car use. So now that you are ready to lease a car? What do you need to know?
Car Leasing Factors You Need To Know
Planning to lease a car and not sure what to ask for and inquire? Well, this article is the place to learn. So if you don’t have any prior experience in car leasing, here are some suggested things to ask your lessor as you approach to collect lease fee quotes and compare them.
The sale price of the car
The sale price of the car governs the lease price as well. A car with a higher sale price will have a higher lease payment and one with a lower price would ask for a lower lease price as well. This means the car leasing price is directly proportional to the sale price. You should compare the car sale prices therefore among various lessors and then decide.
You must go for a car with a higher residual value. This value is given in a percentage. The higher this percentage, the lower would be the depreciation rate of the car. This means leasing a car with a high residual percentage would mean paying a low depreciation fee as you return the car.
Miles allotted and charges for excess miles
When you lease a car, you get into a contract of driving it for a certain amount of miles in a year. This amount of miles is decided by you by calculating your expected usage and the lease amount you can bear in your budget. If you use the car over this miles quota, then you will have to pay for the extra miles driven while you hand over the car at the end of the lease contract. And this over-usage charge can be quite high if unplanned. However, if you anticipate over-usage, then you can book extra miles at the time of leasing the car to avoid the extra charge payment. In case you agree to buy the car at the end of the lease contract, you will not have to pay the charge for the over-usage of miles.
Fee on disposing the car
At the end of the contract when you hand over the car back to the lessor, you have to pay a disposition charge. This fee is taken to clean and wash the car and ultimately condition it to a state where it can be showcased for selling. Every car leasing company has their own fee structure. If you intend to buy the car at the end of the lease contract, then you won’t be charged this fee.