Why Leasing Your Next Vehicle May Be Perfect For Your Finance Strategy
Tuesday, July 4, 2017, 6:00 AM | Leave Comment
If you are in the market for a new car, you may get the best deal by choosing to lease instead of buy.
Furthermore, you may be able to better fit a lease payment into your budget.
Let’s take a closer look at what a lease is and how it can benefit you financially.
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What Is A Lease?
When you lease, you make monthly payments for the right to use the car for a specified period of time.
Your monthly payment covers the depreciation of the vehicle for the length of the lease, and you have the right to buy it at the end of the term.
If the vehicle is worth more than the residual value at the end of the lease period, you may be entitled to the difference from the leasing company.
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How Does A Lease Fit Into Your Budget?
Since you are only paying depreciation on the vehicle, your monthly lease payments are generally lower than they would be if you purchased it.
In most cases, the length of a lease is much shorter than the length of a car loan.
Finally, transferring a lease is much easier than selling or trading in a vehicle.
Ultimately, you benefit from lower payments as well as the flexibility to get out of the lease whenever you want or need to.
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Your Local Dealer Can Help You Find Quality Lease Terms
As lease payments tend to be lower than the payment on a vehicle loan, it may be a great financial option for you.
Your local dealer will have various lease offers available to best meet your needs. Lease terms may be negotiable based on your credit score, which may allow you to waive a down payment or bypass the security deposit.
Work with your dealer, like the professionals at Audi Brooklyn, to help find the best option for you and your needs.
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Take A Business Tax Deduction
If you plan on using your vehicle for business purposes, you may be allowed to fully deduct the business portion of your lease payment.
This may be in addition to a mileage deduction as well as other applicable deductions related to the business use of your car.
Leasing a vehicle may be the affordable and convenient way to get the car that you want or need.
Instead of being trapped in an expensive loan that lasts for six years or more, you may only be required to make lease payments for two or three years.
Once the lease is over, you simply return the car with no further obligation.
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