For those who have never rented a car, the process may seem confusing and more focused on business owners, who might deduct the expense or people who cannot afford to pay for a car. But in reality, renting car leasing advantages, regardless of your career or income. Here are a few;
The cost of renting a car is usually much lower than that of buying a car. No down payment, if any, is required, and you do not have to pay any initial sales tax. However, when you return a rented vehicle, additional charges may apply for mileage exceeding the limit, for early termination of a rental agreement or for unrepaired damage.
When you rent a car, you rent it for a fixed term, usually one to four years. The amount you pay each month is related to the amount of depreciation provided during the term of the lease. (Different brands and different models of vehicles depreciate at different rates.) You only pay for the depreciation of the car that occurs during the term of your lease, and you can never be “upside down,” which is a common situation where vehicle owners owe more than their car is worth it.
If a manufacturer’s warranty covers you for the duration of your car lease, you will not have to worry about paying a large and unexpected repair bill. However, you are still responsible for the regular maintenance and the minimum amount of auto insurance required by the state in which you reside.
If you rent a new car every few years, you will always have the advantage of driving a car equipped with the latest technologies in terms of technology, comfort, and safety.
Once the term of the fixed-term lease expires, you can surrender the vehicle or choose to create a new lease for another vehicle. But you never have to worry about selling a vehicle yourself or worrying about getting a fair return value. Or you may have the option to purchase a vehicle at the end of the lease term at a predetermined price. This could be a good idea if the vehicle is worth more than the agreed purchase price or a bad idea if it is worthless money.