You may be tempted to update your ride, but is leasing right for you? In today’s Angie’s List report, the pros and cons of leasing a car.
"When deciding whether to lease or buy a car you need to think about your lifestyle," said Angie's List Owner, Angie Hicks. "Remember that when you are leasing you're going to get a new car every few years but you're also going to have a car payment even though your car payment is less than if you were buying the car. Additionally, remember that if you are leasing there is usually limitations on mileage so if your office is a long distance from your home you want to be careful you have enough miles on the lease. "
"In a nutshell, the benefit of leasing is typically lower monthly payment, a trade cycle, you know the very day your lease is up," said Car Dealership General Manager, Jeff Roush. "Generally a little bit less investment in terms of upfront money that you have to put into the vehicle, and your trade cycle is such that you're hardly out of warranty on the vehicle."
"In our leasing agreement all the maintenance is included," said consumer, Citrana Harmon Forgenie. "And one of the good things about it is that when we take the car in for servicing we get a car available to us for that day and we also get free roadside assistance."
"When leasing a car it's just like buying a car," said Hicks. "You should be prepared and understand how much the car is really worth and go in ready to negotiate. Don't just think about the monthly payment. Also think about the residual value of the car, the price you would pay if you buy the car out of the lease because you might fall in love with the car and want to keep it."
"Leasing is really back in a big way," said Roush. "We run anywhere right now from 40-50 percent lease of all our new vehicles."