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04/26/15

Lease, please: Why leasing makes sense...sometimes

To lease or not to lease, that is the question.
Car buying should be, for the most part, an enjoyable process, one that includes you purchasing the vehicle you've had your eye on for quite some time, but with it comes a slew of decisions that go beyond color and rust proofing.
For instance, you have to choose just the right dealership, find a salesperson you can seemingly trust and address all of the your would be buying options ranging from actually buying the vehicle outright or getting into a lease. The latter comes with it lower payment options than a buy and typically a shorter term, two keys that make leasing incredibly attractive option. Fans of buying, however, argue strongly that leasing is no different than renting an apartment: you're paying a lot of money and not getting much in the way of a return as far as actually owning something after it is all said and done.
A few factors play into leasing versus buying, ones that you'll have to seriously take note of if you choose to lease first over buying. What you don't want to have happen is you're drawn in to the seductive, bottom line pricing and shorter term and realize that this lease just, quite frankly, isn't for you.
What trips up most consumers and forces them into a serious detour is the mileage aspect of the lease. Leasing has certain restrictions on how far you can travel within a year, and the miles option you choose directly affects your base payment. What you want to strongly consider is not only the number of miles you can travel but your situation as a whole. Do you plan on moving? Do you have a job that can change instantly, more specifically can you be relocated to an office within driving distance and thus adding to the miles significantly?

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Being in a lease and having your office location change from five minutes away to 45 minutes away is going to force you to release the lease and most likely be upside down in your next loan. If you've had the same job for 30 years, chances are you're safe.
In addition, you want to pay close attention to the purchase options at the end to see exactly how you can move from one lease to the next or have a monthly buying fee moving on that is feasible.
The lease today doesn't just exist but is flourishing on car lots across the country, and that shows that the option hardly is dead. But for it to be alive and well in your eyes, it has to meet expectations set for on your terms.

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