Leasing or buying a car, that’s one of the dire decision you’ll have to make for yourself or your business. And with the ongoing pandemic, the question can become more impending than it was before the whole health crisis.
When you opt for a new car lease deal, you’ll only be dealing with paying for depreciation over the lease period. You will have the opportunity of buying the car at the end of the lease deal if you so wish to. For the damages and some repairs, you’re partially or wholly (depending on the lease agreement) exempted from it, as the leasing company will shoulder such responsibility.
But when it comes to buying a car that comes with lots of commitment. The substantial down payment that you’d have to make ties up a lot of ready cash. And the minute the car moves an inch away from the salesman’s garage; its value will drop. With the scourging effects on the global economy, no thanks to the pandemic, that is no prudent financial decision.
The primary distinction between leasing a car and buying it is that when it comes to leasing, you only pay for the period you will use the vehicle, but with buying, you pay for the entire cost of the car.Once the period of your car lease deed is over, you can turn the car in and lease another one. What cool way to always have the latest ride!
Car leasing or buying are two similar but of different financial means of getting a new car designed for different people at a different point in time. It will be unfair to rush to a hasty generalization that one is supremely ahead of the other without putting into consideration the prevailing circumstances.
Right about now, with the ravaging effects of the pandemic, leasing a car during the Covid-19 period is the big yes. They could be no more economical means of getting a new ride for yourself or your business than with an auto lease. You only get to put little or even no money down, as some manufacturers, in partnership with some prominent lease dealerships like the VIP Auto Lease, are offering zero-down lease deals on select models. You also don’t get to worry about depreciation. Again, car leasing is the better option of getting a new car during and post Covid-19.
Flexibility:Leasing a car takes lesser commitment from your part. When you don’t feel the little obligation that comes with it, you can conveniently transfer the contract to another person without incurring any significant financial retribution.
Little Or No Down payment: With little or no money, you can initiate a lease contract. This is a great alternative considering what the lockdown may have weighed on your savings.
More Incentives and low-interest rates: Perhaps, this is the juicer part that will make you take on leasing a car.