Auto
Benefits and Drawbacks of Leasing a Car
After a housing loan, the biggest expense for every family is an auto loan. That’s why leasing a car vs buying one has long been a debate for many families and both have its own pros and cons. Quite a few aspects come into play when wondering if leasing a car is a good idea. So, we’ve put forward the top benefits and drawbacks of such a deal. Benefits Honestly, if you’re comfortable with leasing a car, you could actually reap many benefits, such as Cost-effective Option Leasing a car is a cheaper option than purchasing a new one for the monthly payments. This rate is based on the depreciated value of the vehicle as compared to the traditional auto loan that charges interest on face value. In fact, the lease also covers insurance, maintenance, and other recurring costs that traditionally come with purchasing a new car. Perfect if You Like a Change If you’re someone into changing rides often, this is when leasing a car is a good idea. You get to experience different brands and drive more luxurious cars than you’d ever get around to buying one. Free Maintenance You’re covered for all mechanical failures and other related issues throughout the term of the lease as opposed to buying a new vehicle where you would have to bear the cost.
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