Owning a car is an attractive idea, but for many families, it’s not feasible as monthly payments can be quite high.
Even if you can make your dream of buying a car come true, you need to ask yourself if this is the best option. You’ll be stuck with the same vehicle and spend years paying for something that’s steadily decreasing in value.
If you’re considering the alternative — car leasing — you might have some doubts as well. However, here’s why leasing is the best choice for your family.
Your Monthly Payments Will Be Lower
Families’ monthly expenses can go through the roof. You need to pay your mortgage, taxes, school tuition, utilities, etc. The list can go on and on. Adding another (and a major one) monthly expense could seriously set you back. For some, it’s not even manageable.
Luckily, if you opt to lease a car, your monthly payment will be a lot lower than if you choose to buy. What’s more, you can even get a better car for less money per month.
Of course, some argue that buying is better because, in the end, the car is yours. However, by that time, its value will plummet, and you might not even be able to sell it.
You Can Change Cars More Often
The best thing about leasing is that you don’t have to commit to one car. Of course, if you’re in love with it, you can purchase it when the lease is up in a couple of years. However, you always have the option of taking a brand new vehicle for the same or similar monthly price.
If you want that kind of flexibility, a car lease is much better than buying because you won’t be stuck with one and the same vehicle. You can try different models and maybe even eventually settle for one you like best.
You Can Scale Up as the Family Grows
While it’s still just the two of you, you may opt for a smaller model, such as a Ford Fiesta. Soon enough, you’ll have to drive around a whole team of tiny people (your kids and their friends).
Eventually, you may start a home-based business and need something even larger to transport the goods, or maybe your teenager starts playing drums or skiing. In the end, when your birds leave the nest, you can downsize again.
Your car needs change with the family, and you shouldn’t be stuck with something that no longer suits you. This is another reason leasing is a great option for families.
You Get Better Warranty Protection
One of the best things about leasing a car is that it will most likely stay under warranty throughout the lease period. That means you won’t have to worry about maintenance and unexpected expensive repairs that could set you back significantly.
Moreover, since you can get a new car each time the lease period is over, you likely won’t have many unpredictable scares. It’s in the company’s best interest to keep the car in mint condition.
On the other hand, when you own a car, after the warranty protection period is over, you need to think about any additional costs, such as big repairs, changing whole parts of the vehicle, etc.
Since your car isn’t getting any younger, you may experience such issues regularly.
You Won’t Ever Have to Worry About Selling
Trying to sell an old vehicle to a private buyer or car dealership can be extremely stressful. You might not be able to sell for as much as you’d like to. You’ll probably have to haggle and negotiate the price to the buyer’s advantage.
With leasing, you won’t ever have to worry about selling or trading. You can simply return the car and get a new one. The only thing you’ll have to think about is whether you’ve incurred any additional fees.
Furthermore, you don’t have to suffer the risk of any market shifts during your term of lease. If there happen to be any fluctuations, the leasing company is the one who absorbs the loss, not you.
It’s the Least Expensive Way to Get a Nice, Secure Vehicle for Your Family
Even though you won’t be the owner, you will never have to worry about any safety issues. With your own car, you need to think about regular maintenance and repairs as well as finance them past the warranty period. You can easily miss a major malfunction or bug in the older car and end up endangering your family on the road.
However, with leased vehicles, you’ll always drive a new, perfectly safe car with significantly smaller chances of malfunction. After all, the company will want to keep their vehicle in perfect shape.
You can even get an insurance package, so if anything happens to the car, you won’t suffer the ensuing expenses.