Leasing
As I approach my final semester of college, I have been
thinking about some of the first tasks that await me in the “real world.” One
of those tasks is getting a new vehicle.
I have three options when it comes to buying a vehicle:
buying new, find a used vehicle, or leasing a new vehicle. I took the subject
to Twitter, asking my friends about the three options. One response I received
from a family friend was this: “Isn’t [a leased car] like a rental? At the end…
what do you have?” Well, there are three options you have at the end of a
lease. Check out our blog
post that discusses those options. But before you consider what to do at
the end of the lease, let’s discuss some advantages for signing a lease to
begin with.
One great benefit of leasing a new vehicle is warranty.
Typically, lease agreements go from 24-36 months, and during that time the
vehicle is still under the manufacturer’s warranty. So, if anything happens to
the vehicle, you shouldn’t have to pay out-of-pocket for maintenance.
Another advantage to leasing is that the monthly payments
are sometimes lower than the payments to buy the same vehicle new, if the
manufacture is offering a special promotion.
Dealerships are also seeking relationships with young
buyers. Because of my age, I haven’t been able to build a credit score like
some buyers. If I wanted to lease a vehicle, I can have someone (such as my
parents) co-sign the lease. Co-signing is a good way for me, along with other
young buyers, to build credit while having the ability to lease the vehicle I
want. Also, some manufactures have a first-time buy programs to help young
buyers.
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