Considering a New Auto Lease
Considering getting a new car is exciting. There are so many automobile to choose from. Once you choose the auto you want, there are even more choices; color, engine size, seat coverings, etc. After you know what automobile you want you will need to consider how you want to pay for it; buy or lease? Most people already know the "ins and outs" of buying, but are unfamiliar with leasing.
Why Lease Instead of Buy a New Auto?
There are advantages and disadvantages to both leasing and buying. Choosing to lease should be carefully considered before making any decision. Consider these benefits of leasing:
- You will have much lower monthly payments when leasing a new automobile.
- When leasing, the auto will be under warranty for the entire time you drive it.
- You will be able to drive an automobile you probably couldn't afford to buy.
- Leasing allows you to dive a brand new auto every 2 years or so.
If any of these choices sound interesting you should consider leasing. Use the Internet to research the leasing process and get lease quotes for the auto you want. MyAutoloan.com has several very interesting tools to see if leasing is right for you, like our auto leasing calculator. It's very important to become well informed about leasing a new auto before you do so.
Who Should Consider Leasing a New Auto?
Everyone drives and keeps up their car differently. Leasing has specific contractual obligations governing how many miles you drive and acceptable wear and tear. Leasing doesn't benefit everyone.
Leasing might be a good choice for you if:
- You have good credit – Good credit can get you a great lease. (Click here for credit report information.)
- You take very good care of your current auto, keeping it clean inside and out and well maintained – Leasing contractually obligates you to take good care of the automobile while in your possession.
- You drive less than 15,000 miles a year – That number is a typical mileage allowance for a leased automobile
- You prefer drive new automobiles still under warranty – A new auto lease usually ends before the auto's warranty does.
- You like to consistently drive the latest model car possible – The auto you lease can be traded in every 2 years or so for a brand new one, depending on your lease terms.
- You want or need to drive an auto you couldn't afford to buy – Leasing is a great way to get into an better auto than you could normally afford.
- You want low monthly payments – You only pay for the time you use the car, so monthly payments are very low.
Who Should Not Consider Leasing
Its actually easier to determine if leasing is NOT for you. The specific obligations of a leasing contract make a leasing a new car a bad choice for some people. You shouldn't consider leasing if:
- You drive your auto more than 20,000 miles a year – Leasing has annual mileage allowances.
- You get attached to your automobile and like to drive them as long as possible – When leasing you turn in your auto at the end of the lease.
- Your credit is extremely bad – If your credit is bad it is difficult toe get a good lease rate. (Click here for credit report information.)
- You are "hard" on your automobiles – Leasing contractually requires you to take care of the auto. You will be charged for any excessive wear and tear.
Is a New Auto Lease for You?
If you think so, get started by taking a look at myAutoloan.com's auto lease calculator to get potential monthly payments for the auto you like. Use the Kelley Blue Book to determine the value of your trade in. Don't forget to check for new auto rebates and incentives to help lower your lease payments.