1. How many miles are you planning on driving?
The average lease agreement accounts for 10,000 to 12,000 miles per year. There is a fee for every mile that you surpass the pre-determined mileage. Figure out your commute to work or school, and factor in some extra miles for traveling. If you go over the 10 – 12K mark, maybe leasing isn’t right for you.
2. Do you care about making modifications to your car?
If adding spoilers, hood scoops, sound systems, or other modification to your vehicle is important to you, you won’t enjoy a lease agreement. You’re not allowed to make any modifications to the car!
3. Are you looking to have lower insurance payments?
There is often a fixed minimum policy requirement for leased vehicles to cover the cost of damage and liability. Find out what the payment will be before getting into a lease!
4. Is having a new model every few years important to you?
If you enjoy riding in the latest models, with the latest technologies and features, leasing may be the cheapest way to do that. There are other perks to driving a new leased car, with major repairs being covered by warranty and leasing fees often covering maintenance of the car.
5. Do you want to build equity in your car so that you can have cash when you decide to sell?
Building equity means that the payments you are making are going towards your equity in the car. So, when you eventually decide to sell, you will be able to receive some money for the car.
Make the best choice for YOU! 🙂