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Is Leasing a Car a Good Idea?

August 27, 2018

When you decide that you need or want to look for the best new car deals, the most basic and rather important decision is to pick one from leasing vs. buying a car. However, before you actually make this decision it is only sensible that you first understand the terms and conditions that would come up front when leasing a car or buying it.

You may have someone around you who don’t think leasing a car is a good idea, they might even suggest you buy a used car instead. However, because you want to drive a new and you know that the lease payments are often lower than loan payments, and you are still unsure what to do.

Before you make your decision or precisely make the right decision, let’s learn more about how really leasing a car works.

 

How does a car lease work?

Usually, when you lease a car, you are required to pay a certain amount of down payment, but few auto leasing companies, such as Oz Leasing, allow you to lease the car you want with zero down payment and still pay less than loan payment. However, following your payment the pre-defined monthly lease payment for the duration of your contract, like 36 months. You also have to make sure you follow the terms and rules of your contract, for example, only you and the list of authorized drivers can drive your leased car. If you like you can always make changes to this authorized drivers’ list by contacting your agent.

However, in case of noncompliance of the contract, for example driving the car over the mutually agreed upon miles, will result in some additional fees or you will be asked to repair the damage. Moreover, you are also required to keep up with the regular maintenance of the car and at the end of the contract, you can choose between buying your leased car or lease another new car you like.

 

What are the advantages of leasing a car?

As mentioned earlier, your monthly car lease payments are lower than the monthly loan payments. If you are the kind of person who likes driving a new, latest car every few years, leasing is definitely a good and hassle-free idea. Moreover, the zero down payment option of leasing a new car for 3 years might just be perfect, as a new car wouldn’t give you any major maintenance or repair expenses. Whereas, you don’t have to worry about the resale value, or deciding what to do after 3 years of the lease.

 

How can one save money on a car?

If you plan on using the same car for a considerably long time and you also have the entire purchase price in cash, then buying your own car makes sense and it might also save you some money. In addition, you also have to consider that spending a relatively large amount of money on your car is a good idea for your finances, or if there is any better, more efficient way to spend this much money, such as invest.

On the other hand, if you are thinking about buying a used car, make sure you have done your research. Moreover, when you find a car you like, make sure to take it to a mechanic and have it checked by a professional who you trust and have the skills to accurately inspect the car.

However, if you don’t have enough money for the car price, but you still want to drive the latest, technological updated, new car than you better start looking for your auto leasing company, to get the best value for your money. You might also benefit more from an auto leasing company that offers zero down payment plan, allows you to create your personalize lease contract and facilitate by offering you to lease online via the Oz Leasing website or via phone call.

For all these reasons and possibly many more, an increasing number of people around the country are finding leasing their car a better option than buying a used car or buying a new car with cash or loan. If you want to lease your next car, make sure to do your research and find the best car lease deals in your city.

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