According to Mark Roemer Oakland, before you decide to lease your car, you must clearly understand the pros and cons of automobile leasing. If you are wondering whether you should lease a car or not, have a look at the pros and cons mentioned below:
- You can often upgrade your car- If you lease a car, you have to upgrade your car after every two to four years. You must opt for leasing if you want to drive a new vehicle after every three years, as leasing generally allows you to have a new car after every thirty-six months.
- It offers a warranty- If you are going for a new car, you may get a warranty of three years. In this case, you can be worry-free as you don’t have to spend a large amount if the car meets with any accidents. All the repairs are covered by the warranty, and it also offers free services like rotations, oil changes, etc.
- No complexities after the end of the contract- You just need to return the car after the lease ends. If you meet all the requirements mentioned in the contract and there is no damage to the car, there are no complexities, and all you have to do is return the car.
- It requires a lot less money- You can have a car without spending all your savings. If you lease a car, you need to pay an amount monthly, and you don’t need to spend a huge amount all at once. Sometimes, the upfront charges are low too, and this makes things more convenient.
- You don’t own the car- It is like renting a room; you are not the car’s actual owner. So, you can never claim it to be yours. You are always bound by the requirements as per the signed contract, and you don’t get to do whatever you want with the car. It is actually mandatory for you to keep the leased car safe from any damage.
- You need to pay penalties for any damage- In case of any wear and tear, you must pay all the financial penalties. You have to pay the required expenses to make sure the car is in excellent condition. So, you need to be constantly cautious of any unforeseen incidents as that can bring over a heavy burden of expenses.
- You have to pay monthly payments forever- If you buy a car, you don’t have to pay monthly payments after the car loan is paid off. However, this is not the case with leasing. If you are planning to lease a car one after another, the monthly expenses will go on.
Mark Roemer Oakland believes that leasing a car has its own ups and downs. It will be best if you have a clear understanding of all the terms and conditions and do all your research to find the best option and deal.