Why Leasing Can Be A Great Option In A Recession
- October 1, 2020
- Car Leasing
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2020 has been a wild year full of ups and downs due to the Covid-19 pandemic. Now the US economy is in a recession it means there is negative gross across all sectors. But whenever there is a downturn in the economy, it means there is also an opportunity for those who look for it. In this case leasing a brand new car might be one of the best options out there for many reasons.
First, US car manufacturers have all experienced the downturn very hard. This means that there are exceptional deals when it comes to getting the car of your dreams. Especially since in NYC, the unemployment rate is hovering around 16%. People are out of work and short on cash. But that does not mean there are not great options out there for you.
Leasing a car can be significantly cheaper than buying a car. This is one of the main benefits. Lease prices are lower because the price of the lease is based on the expected value of the car at the end of the lease. Essentially you are only paying the car’s value during the time you use it.
Sales tax is also less. We know that taxes in NYC is a killer. We have federal and state taxes and in some cases city taxes. To top that off there is a 4% sales tax on cars. Between the sales tax and interest rates, there is a lot of money spent on a new car that does not actually go to the car.
Additionally, there is the issue of down payments. Since many New Yorkers are cash strapped right now making a down payment can be difficult. Many car leasing companies make it very easy to lease a car with zero down payments. Your monthly lease payment will still be smaller than your purchase payments but you won’t have to give up a lump sum of money at the start.
With online car leasing so prominent in New York now as well, there has never been a better time to lease a car. How better to protect yourself from the coronavirus if you can shop, get a quote, finalize the lease, and have it delivered to your home without ever leaving you home.