Car Leasing

8 Things you Need to Know about New Car Leasing

Leasing a new vehicle instead of buying one is similar to renting an apartment over buying a house. You have all of the privileges of ownership without all of the responsibility and without taking out a loan. One of the biggest benefits of leasing a new car is that you get the chance to drive a new car, often for less money than it would cost you to buy it. Month by month for a specified amount of time, you make payments in exchange for being able to drive the car. This sounds like a good deal, right? It can be, but before you decide to lease a new car, here are 8 things you need to know about new car leasing.

  1.      Leasing may be a better option to buying if you don’t have the cash to buy a car, if you want to drive a new vehicle, and if you expect to lease another vehicle when the contract expires. It is a great way to be able to drive the latest models with low mileage without the commitment car ownership demands.
  2.      It’s easy to forget when you have the keys and are driving the vehicle, but you don’t own the car. This means when the lease expires, you will have to decide whether or not you want to buy the car, trade it in for a new lease, or walk away without a vehicle. Of course, this process also means time out of your schedule to negotiate a deal with the car dealership.
  3.      If you only opt to lease vehicles and never buy one, the cost of leasing several cars over the course of several years is likely to exceed the price you would have paid to purchase a new or used car outright.
  4.      Pay close attention to the terms of the lease. Some leases can carry steep penalties. For instance, if you exceed the number of allotted miles in the contract, you fail to keep the interior and exterior of the car in good condition, you have excess wear and tear on the car, or if you want to return the car before the lease contract ends. Going over the mileage allowed can cost as much as 15 cents per mile or more.
  5.      Be sure to contact your insurance agent before deciding on a lease. Some cars may cause your premiums to go up, while others will provide you with important safety features that will actually lower your monthly premiums. Also, don’t forget about gap insurance. Gap insurance covers the price difference between the value of the car and the amount left that you owe on the lease in case the car is wrecked and totaled or stolen.
  6.      Be sure to take the car for a test drive and then negotiate a selling price before you mention that you are considering leasing. A lot of people are not aware that the monthly payment in your lease contract is based upon the finally agreed-upon price.
  7.      Make a down payment that you can afford. The larger initial down payment you are able to make, the lower your monthly lease payment will be. However, if you happen to wreck the car within the first few months, the insurance company is going to reimburse the leasing company for the value of the car, not you. Any down payment you shelled out will be lost. If you look at the fine print, some of the leasing price deals that are advertised are based upon a $4,000 down payment. It’s recommended to not pay more than $2,000 as a down payment.
  8.      Pay attention to the terms of lease, and be careful that you don’t lease the car for too long. Most car leases will be for between two to four years. If you lease for too long, you could end up paying extra money in maintenance costs that arise because you kept the car longer than the warranty period covered.
2019 Cadillac Escalade Length Comparison

In-Depth 2019 Cadillac Escalade ESV Review

The 2019 Cadillac Escalade is the latest full size luxury SUV released by Cadillac. With prices starting out at seventy five thousand dollars without even talking about upgrades which can push the car into upwards of six figures, the Escalade is an expensive car. If upfront payment is not an option, the 2019 Escalade can be leased at around $845 a month. Before making an expensive purchase like this, buyers will want to make that they are getting their money’s worth so in this review we will be breaking down the different aspects of the Escalade so buyers can decide for themselves whether it is a worthwhile purchase.

The Escalade is an upscale vehicle and this fact is on full display when looking at the exterior. The car comes in a variety of different colors and with a variety of different choices offered for the trim of the car including a chrome trim, a blackout trim with the sport package, and more. The car comes equipped with a flashy chrome grille in front with the Cadillac logo in a prominent location smack in the middle of the grille. While driving in a public area, onlookers will be sure to know that this car is a Cadillac. Aside from the base Escalade, all models are fitted with twenty two inch alloy wheels which fit very well into the mold of the car. While the profile of the Escalade may be similar to the cheaper non luxury Chevy Tahoe, the details and styling of the Escalade separate it from other SUVs giving it the look of a luxury vehicle which exudes wealth and power.

Another area where the Escalade excels is in the top notch comfort of the car and the overall interior. The interior of the Escalade is vast fitting up to eight passengers yet it only has fifteen feet of cubic storage space just in the trunk. With the seats down this number is much greater. If this still isn’t enough space, buyers can look at the Cadillac Escalade ESV model which is the larger version of the standard car. The ESV has over thirty nine cubic feet of storage space in the trunk and if the last two rows are folded down the ESV has a ridiculously large number of around one hundred and twenty cubic feet of storage space. The seats of the Escalade are a soft comfortable material which will satisfy most customers in terms of comfort. The first two rows of seats have the heated seats but the front also has the option for ventilated seats. Because of the size of the car, passengers in the rear seats have their own panel for climate control. Those who are truly serious about their comfort can splurge on the platinum trim which comes equipped with excellent massage seats. The platinum version also includes eighteen-way power seats instead of the twelve-way which come standard with most other versions of the Escalade. The comfort of the car certainly meets the criteria for a luxury vehicle.

The performance of the 2019 Cadillac Escalade is best in class and is yet another area in which the car certainly reaches the criteria for a luxury vehicle. All versions of the Escalade come with a 6.2 liter V-8 engine which provides four hundred and twenty horsepower and four hundred and sixty pound-feet of torque. These high numbers are necessary to combat the hefty weight of the car. The V-8 engine bestows the car with an extremely good acceleration from stop as well as an exceptional passing speed. The V-8 engine also empowers the car with up to and a over a whopping eight thousand pounds of towing capacity. The car also comes standard with a ten speed automatic transmission which serves its purpose well on the road. The car comes standard with rear wheel drive which also serves its purpose well on the road but for those who want, there is an optional all wheel drive system. With this engine, the Escalade has an average miles per gallon number for a large SUV at fourteen mpg for city driving and an exceptional twenty three mpg for highway driving. Buyers beware though the Escalade does indeed require a premium more expensive gas when filling up the tank so be sure to tank this into account when shopping around.

An area where the 2019 Cadillac Escalade may not live up to its luxury class is safety. The NHTSA gave the Escalade just four stars overall which may alarm some people. The Escalade was also given an abysmal three star rating for rollover. For an expensive luxury car buyers may expect to see higher safety scores for the Escalade. The base model comes standard with a rearview camera, six airbags, stability control, and more. Other important features like active lane control, blind spot monitoring, both low and high speed automatic emergency braking, adaptive cruise control, and more only come with upgraded trims. This may dishearten some as much of this safety technology comes standard with many other rival cars in the SUV class.

In terms of other features unrelated to safety, the Escalade offers something for everybody. From heated to massage seats, if the price is right, everyone can tailor the Escalade seats to their comfort. Music lovers interested in the Escalade may be excited to learn about the sixteen speaker bose sound system that comes standard with the Escalade. Passengers can control the speaker from the eight inch infotainment display which comes with the capability for Android Auto and Apple Carplay. For those who want more they can upgrade to the premium luxury trim which comes with a Blu-ray entertainment system for the rear seat passengers. For those who want even more they can upgrade to the Escalade platinum which comes with massage seats, an even higher quality, softer leather, and a wood trim which adds a very nice touch.

While the Escalade may be expensive for some, the car competes well with competition in the luxury SUV class. Although in some areas, rival cars may offer more for less, buyers who want that Cadillac feel as well as a luxurious well performing car, the Escalade is a good option.

2019 Ram 1500 Laramie Lease

Which 2019 RAM 1500 Trim Is Right For Me?

You would be a tad remiss if you happen to be in the mood to criticize the 2019 Ram 1500, considering it’s hard to find something to complain about it.  It is by far, an excellent truck. With the capability to haul and tow beyond what it’s competitors can, it’s also a relatively smooth ride. From roomy seating and first-rate cabin materials to standard features like an easily operated infotainment system and a good deal of driver assistance technology.

Compared side by side to previous models, the 2019 Ram 1500 is completely redesigned making it one of the best Ram deals ever. It’s notable features include:

  • 20% increase in capacity to haul and tow
  • Reduced curb weight and lighter frame
  • Modest hybrid system options with engines to improve engine efficiency and torque
  • Cabin tech offers 12” touch-screen, wireless device charging and driver assistance aspects like a surround-view camera, adaptive cruise control and blind spot monitoring and more.

Here we are going to be focusing on four – Big Horn, Rebel, Laramie, and Limited – of the six available trim options.

Big Horn

The Big Horn comes with a power-adjustable driver’s seat, cloth upholstery and upgrades to the interior design.  There is the option to upgrade to the Level 1 Equipment Group which includes rear window power-sliding, satellite radio, and as well as an upgrade to the Uconnect infotainment system that contains Android Auto, Apple CarPlay, and an 8.4” touch-screen.

Rebel

The best trim for off-road is the Rebel, being the only one offering four-wheel drive. Some of the standard features included in this model are; front bucket seats, a 115v power outlet, cloth upholstery a power-adjustable driver’s seat and an assortment of off-road features like Bilstein Shocks.  Upgrading to the Level 1 Equipment Group consists of heated seats and steering wheel, an upgraded Uconnect infotainment system with Android Auto, Apple CarPlay and an 8.4” touch-screen. The Level 2 Equipment Group includes the above mentioned Level 1 features plus front and rear parking sensors, dual-zone automatic climate control, park assist and more.

Laramie

The Laramie offers many of the features most buyers are looking for in a truck such as lower trims’ standard, dual-zone automatic climate control, front seat heating and ventilation, rear seat heating, heated steering wheel, leather upholstery, satellite radio and an upgraded Uconnect infotainment system with Android Auto, Apple CarPlay and an 8.4” touch-screen. The Level 1 Equipment Group upgrade contains rear cross traffic alert, blind spot monitoring, park assist, front and rear parking sensors and more.  The Level 2 Equipment Group includes the above-mentioned features in the Level 1 upgrade plus wireless device charging and navigation.

Limited

Standard features that come with the Limited include blind spot monitoring, wireless device charging and rear cross traffic alert.  The Level 1 Equipment Group upgrade boasts a 19” speaker Harman Kardon audio system, adaptive cruise control, ventilated rear seats, forward collision warning, lane departure warning, surround-view camera, park assist and automatic emergency braking.

The Verdict

The complete redesign of the 2019 Ram 1500 takes an already great truck up several notches.  It isn’t hard to see why this truck is so exceptional – not only is it one of most high-tech laden and efficient trucks in its class – it has it kept most of it noteworthy features like upscale interior and smooth ride.  If you’re looking for a truck than you should definitely consider the 2019 Ram 1500.


VIP Auto Group is an award winning car leasing company located in New York City. Although we are located in the Big Apple, our revolutionary nationwide inventory system allows our nationwide clients to access the best lease prices on all Ram models, guaranteed. Put us to the challenge and contact us today a lease estimate. We can handle all the paperwork for you and have your new car delivered to your door in just a few days.

2019 Honda Accord @ VIP Auto Group

Full 2019 Honda Accord LX, Sport & Hybrid Review

The 2019 Honda Accord sedan is the newest car in the line of the accords to come out. The Accord line which has been around since the 80’s has been one of the bestselling cars throughout its existence in America and it is considered to be a good value economy car. A variety of different models are offered including the LX, Sport, and even a hybrid option, but for the standard base model, pricing begins at just under twenty four thousand dollars. The 2019 model is ranked number four on car connection in mid size cars. The question is how does the 2019 Accord match up with and improve upon its predecessors.

The 2019 Honda Accord exterior is very similar to the revamped 2018 model but with some minor differences. A car with a wide stance and bold exterior, the 2019 Accord has an almost muscular and sporty look to it which translates to a powerful yet sleek design. The 2019 model focuses more on the hard edges, right angles, and dimensions of the car then the previous rounder models. The 2019 accord also boasts more interior cabin space than the previous models. Rear seat passengers can relax with the forty plus inches of leg space they have. The front roof pillar has been raised by four inches to allow for more head-space. The car also boasts an impressive seventeen cubic feet of trunk space although the opening for the trunk is very narrow. Overall the Honda Accord has a very nice sleek look to it coupled with a larger interior so Honda did well there.

While aesthetics and comfort are an extremely important aspect of buying a car, for most buyers, performance is more important and on this front the the 2019 Honda Accord does well. In terms of handling, the Accord handles better than most regular cars. The Accord is comprised of four cylinder engines instead of a v-6. The base car starts with a 1.5 liter turbo-4 which serves the car well but for those who want something extra they can upgrade it to a 2.0 liter turbo-4. The 1.5 liter engine offers one hundred and ninety two horsepower while the 2.0 liter offers two hundred horsepower. Buyers can choose between either a six speed manual or a ten speed manual. The accord provides electric power steering which will change ratios to accommodate you based on your speed and angles. The accord also provides a standard base suspension on most of the models. The Accord has very good gas mileage for the class of car with thirty miles per gallon in the city and thirty eight miles for highway driving.

For buyers interested in the Accord hybrid option, the car boasts a 2.0 liter Atkinson cycle inline-4 which provides around 143 horsepower but combined with the electric engine the total horsepower reaches two hundred and twelve. The Hybrid also has great miles per gallon number at forty eight miles. So for anyone looking for a hybrid car the Accord is definitely a car to be considered.

In Safety, which is one of the most important things to consider when buying a car, the 2019 sedan does very well. The Accord was given a five star safety rating overall by federal testers as well five stars in each sub-test. The car also received good scores on all the crash tests. The accord comes with a standard sensing system which includes collision mitigation braking, lane keep assist, automated emergency braking, adaptive cruise control, traffic sign recognition and more. It also comes standard with a rear-view camera and driver drowsiness

monitoring. There are also additional safety features can be added for more money including blind spot monitoring, parking sensors, and more. The 2019 Honda Accord performs very well in the safety category and is one of the top safety picks of the year.

Not including the hybrid, the Accord comes in five different models. The base model is the LX which is the cheapest model will satisfy the average customer who is looking to buy a dependable good value vehicle. The sport model adds an enhanced speaker system, a power-adjustable driver’s seat, sport pedal, fog lights, rear spoilers plus features like android auto. The sport model starts at twenty six thousand dollars. The EX model which starts at twenty seven thousand dollars includes a moon-roof, heated seats, HD radio, as well as additional safety features like blind spot monitoring and rear cross traffic alert. The EX-L model which starts at thirty thousand dollars is a more luxurious version of the EX. It includes leather seats and an even more enhanced speaker system.The Touring model is the most expensive trim of the accord sedan which starts at around thirty five thousand dollars. This trim comes standard with a ten speed transmission as well as a two hundred and fifty two horsepower turbo-four engine. It also includes a heads up display, a wireless phone charger, heated and ventilated seats, and more. So you have to decide which model is best for you.

The 2019 Honda Accord is a bang for your buck vehicle. It is one of the best value cars you can buy in its class. It can fit up to five people, ample interior space, a good looking exterior, and it handles and performs well. The 2019 accord is definitely in competition for the best midsize sedan of year. It offers multiple different models as well as multiple customizable options so there is something for everybody. Anybody looking to buy a sedan should give this car a serious look.


VIP Auto Group is an award winning car leasing company located in New York City. Although we are located in the Big Apple, our revolutionary nationwide inventory system allows our nationwide clients to access the best Honda Accord lease deals and prices, guaranteed.

VIP "Best Lease Deals" Storefront Sign

Getting The Best Lease Deals in NYC: 5 Simple Steps

Have you ever thought you negotiated an amazing deal on a car lease?  You managed to get the dealer to lower the retail price? Unfortunately, this doesn’t necessarily make it a good deal, as the dealer may have added several raised financing fees.

Follow these five easy steps, and you’ll be putting yourself in the driver’s seat when negotiations start.

Step One:

Research. Research. Research.  It’s important to do as much research as possible into the vehicle you plan on purchasing.  Start by determining what the going rate of the vehicle you’re interested is in your area by visiting a consumer auto site.  This will provide you with a great base for negotiations.  Also, it’s in your best interest to figure out what area dealers are charging by using the “build” function via the manufactures website.  Keep an eye out for any manufacturers’ rebates or discounts, costing the dealer nothing, but often hidden within the website. You are now on your way to finding NYC’s best auto lease deals. Only a few more steps to go.

Step Two:

Negotiate.  First off, get to know the auto lease vernacular and lingo down so that the dealer will take you seriously. Visit the dealership and negotiate to decrease the sale price.  Staring with discounts offered by the manufacturer, next ask the dealer for a specific discount – as in, tell the dealer you would like to pay x-amount less on the price.  More often than not the dealer will be willing to work with this, as opposed to asking the dealer what he/she can do for you.  Either way, the dealer anticipates making something off of you, and is fairly keen to drop the price substantially in order to get his payout.

Step Three:

Learn about the money factor, also known as the buy rate.  The money factor establishes the interest rate, a portion of your lease rate and a significant percentage of your month to month payment.  It’s used by dealers to calculate the annual percentage rate (APR).

Because not many people are aware of the money factor, dealers take advantage by increasing the interest.  This allows them to reduce the sale price substantially, making it look like you are getting a great deal.

Best way to find out what the money factor is?  Ask your dealer.  Once you have determined the dealer’s number (shown as ‘MF’ on lease documents) simply multiply it by 2,400 – an industry constant – to reveal the APR.

Now is also the time to learn all about zero down leasing options. If you have zero money to put down upfront or you need your money for something else, now is the time to check your eligibility and do your homework.

Having knowledge of the money factor in your back pocket gives you an edge twofold; firstly by communicating you know that this is a way dealer mark up financing has a valuable intimidation factor.  Secondly, if you ask that the lease is given to you at the buy rate, and the dealer refuses you simply let them know you were offered the deal by another dealer.

Step Four:

If the dealer you are working with is not willing to work with you, find another one.  You can often find valuable insight as to which dealers in your area are easy to work with by searching the web – chat sites, forums, and web postings of people discussing deals in your area.

Step Five:

Make sure you understand any and all additional charges such as destination charges, acquisition fees, tax, title and surrender fees.  Keep in mind, these charges are somewhat flexible.  You should also confirm that all the optional equipment is explicitly stated in the lease, like tires – often times cars are delivered with low-quality tires compared to those test-drive models.

By becoming an informed consumer, you undeniably obtain the upper hand in a deal – dealers will be weary to pull the wool over your eyes.  Knowledge is power, and understanding the numbers levels the playing field when negotiating a deal, ultimately saving you hundreds monthly.


 

2019 MERCEDES BENZ CLA250 4MATIC SEDAN

Leasing A Luxury Car; A Better Value Than You Thought

Given the obvious benefits of leasing a vehicle customers can choose to get vehicles which they would never be able to afford if buying. However, leasing higher end models is also a feasible option that not a lot of people conform to, yet is much more accessible than ordinary people think. Imagine the thrill of driving a new BMW, whilst paying only a small portion of the price of the luxury car. Let’s get into a little bit more detail on how the dynamics of leasing higher end models work!

How is the process of the luxury car any different?

For starters, dealers, companies, and consumers that indulge in the matters of luxury cars think and deal different. They have different priorities and goals in mind, compared with others with similar interests. People who have a taste for luxury cars also have a mindset that goes with it. They look for efficiency, easiness and are always on the lookout for methods that can save their time whilst simultaneously making them look as classy and elegant as they can. They are loyal to particular brands and focus on building relationships rather than bargain now and then.

Higher end models – a better lease option?

Luxury cars are said to be better options if you’re considering for a lease. This is due to high lease-end residual values relative to MSRP. Furthermore, statistics dictate that luxury cars are leased more often than other cars due to this factor. The main reason that we’re considering here is for companies such as BMW, Mercedes, Lexus and those of similar caliber. These cars have high resale value, an important factor to consider when using the buy-out clause. Furthermore, these cars offer luxuries and comfort and often serve as a metric for social distinction as well. This is one of the main reasons why their value over time, as compared to other cars, does not fall significantly. Since the residual value is still high (at the end of a lease term), this essentially means that the capitalized cost is relatively low. Furthermore, this translates to less monthly payments as compared to other cars. Normal cars have low-residual value, which means that they depreciate greatly. This, simply put, does not happen to luxury cars. This is why high-end leasers chose to invest in luxury cars instead since it is the smarter alternative regarding finance.

Claiming deals and discounts

The automotive companies mentioned here are reputable worldwide and provide for a clientele that is generally well-off and don’t concern themselves with minor finances. To keep up an image of exclusivity, these companies don’t offer downright discounts and sales, lest their social value decreases. However, they offer subtle incentives in the matter which makes them more approachable such as low money factors and high-residuals. It is always best to be on the lookout for such signs.

Another easy alternative to the aforementioned method is to take over an existing lease by someone who wants out of the original deal. A person may want out of a deal due to several factors, the person inheriting the deal will have the benefit of low monthly payment with the down-payment already paid!


The best possible car lease prices along with the highest grade in customer service are a click away.

Join the nationwide VIP Auto revolution and contact us regarding your car lease today.

E Coupe For Lease in Brooklyn, NYC

Popular Car leasing terms: Auto Dealer Lingo Basics

Once you’ve decided to lease a car, you may want to equip yourself with the jargon that comes along with it. After reading this article, the next time you meet with your friends or dealer you will be fluent in basic car leasing terms. After all, they must know that you mean business and aren’t fooling around. Here is a list of a few terms you should acquaint yourself with if you’re looking to leave an impression!

1)    Acquisition fees

This is also referred to as the ‘bank fee’ or the ‘administrative fee.’ This account for the charge leasing companies takes for arranging the lease. This is more like an arrangement fee and can either be paid downright or in monthly installments. Not every company asks for this.

2)    Capitalized cost

This is essentially the price of the car that you’ll negotiate for and will pay over the upcoming months. The lower the cost, the lower the fee you’ll pay monthly. Furthermore, it is always recommended that when negotiating this cost, negotiate as if you’re planning to buy the car.

3)    Capitalized cost reduction

This is the payment made which decreases the capitalized cost. It is done via down payment, trade-in allowances or rebates. For example, if your capitalized cost is $30,000 and you pay $5000 as down-payment, then the new capitalized cost is $25,000.

4)    Depreciation

This is the loss of value of any given vehicle in a period. The amount of money you’ll pay when leasing a car is often calculated keeping the depreciation in mind.

5)    Residual

This is the value of the vehicle after the lease is complete. Additionally, if you subtract your lease payments from the original value of the car, you’ll have the residual value. This is used later on for further transactions and dealings of the car.

6)    Term

This is the number of months or payments you will be making for your car. It is always recommended to keep the term low since that means that you’ll be paying minimal interest.

7)    Lessor/lessee

The former is the one providing the lease; the latter is the one who is applying for the least (you)

8)    Money factor

This is the interest rate which is calculated in an unorthodox manner. It is depicted by a number which is to about three decimal places, such as 0.004. This number is further multiplied with 2400. The following answer, denoted with a percentage sign, is the interest rate that will be charged.

9)    GAP insurance

Though not offered by all leasing companies, this is quite important and should be opted for if given the opportunity. This insurance covers the cost of the car if it is was stolen or if the car is in an accident.

10)    Disposition charge

Leasing companies add this to the fee. This accounts for the cleaning and touch-up of the vehicle after the lease has ended so that it can be further used for business.


The best possible car lease prices along with the highest grade in customer service are a click away.

Join the nationwide VIP Auto revolution and contact us regarding your car lease today.

Sports Car For Lease Brooklyn, NYC

Car leasing vs. Car buying in New York City

So you’ve decided that you’ll be getting a new car in the near future. However, you’re wondering if you should buy the car or get it on a lease. Both have their pros and cons and should always be considered when making this big decision. Let’s dig further into this and see what the best plan of action is! As New Yorker’s we will also try to consider the special geographical circumstances related to the aforementioned decision process.

Car buying

Car buying is essentially buying a car just as it is. In this scenario, all legal documentation is handed over to you, and you’re the sole owner of the vehicle in question. Though the buying process is a long one, in the end, you’re the new owner of a vehicle (given that it is new) and are essentially the first person who will try it out. If you’re buying a used car or ‘as is’ car, then you’re also inheriting a lot of other factors, such as pre-existing conditions or slight modifications in the original model.

Pros and cons

Buying a car can have several benefits. For starters, if the car is relatively new, you’ll have access to the latest automotive technology, which will give you an edge on others. Furthermore, a good manufacturers’ warranty is something that will keep you clear for the next few years. The longer you are able to hold onto and maintain a car, the more money you save when compared to a lease.

Downsides to buying a car are faster depreciation as new models and vehicles are launched on a monthly basis.  Furthermore, buying a car is not a great investment in general since the prices always drop. Depending on how long you intend on holding onto the car (which usually is shorter than expected for many different reasons), your costs can end up being the so close leasing, that the risk and headache is simply not worth it.

NYC residents must also weigh the resale demand for their car versus and out of city car. All things being equal, a savvy consumer will purchase the out of city car over the potentially abused city car. Everyone knows the wear, tear and stop and go miles which a city car endures.

Car Leasing

This is a method of obtaining a car, either new or used, in which you do not have to pay for the entirety of the car. You will only be paying a portion of that amount. That portion that you pay for accounts for the depreciation the car will go through in the next few years for when you’ll be ‘owning’ the car. This is similar to renting since you decide how long you’ll need the vehicle for and the subsequent modifications in it. You will also need good credit in order to lease a car, so unlike buying, coming with a wad of cash will not get you far.

Pros and cons

In this scenario, there are several benefits. First and foremost is that monthly payment is very low, compared to the other option. The thrill of getting to drive a new car every few years is an additional benefit. You most probably don’t have to worry about warranty as well, since it is covered in the package and there is no compulsion to trade or sell the car to get a better version.

The downsides to this are that you’re only set to drive a particular number of miles. Furthermore, you need to ensure the maintenance of the car and since payment is made on a monthly basis, one should also have a stable and predictable income. If you’re the type who is OK with driving one car for 7+ years, buying may indeed be more fiscally responsible than leasing.

What do the experts say?

Several car enthusiasts recommend leasing since, as mentioned above, driving a new car every few years has its charm and is what makes the experience of driving fulfilling and worth it. Furthermore, this ensures staying away from unnecessary finances and making the most out of the limited time you’ll have with your new car! Furthermore, leasing a car in areas like NYC can give you the peace of mind you desire along with great warranties for a cost that’s well worth it when compared to buying.