• Loss prevention tips for vacant buildings
  • Stop Losing Money: 3 Risks to Your Business Inventory
  • ​How to Practice Electrical Safety During Flooding
  • Post COVID-19: Preparing Your Small Business to Reopen
  • Prevent Construction Equipment Theft

Is it Better to Lease or Buy a Car?

 

While many consumers want to own the cars they drive, some prefer leasing vehicles that may have lower monthly payments and could require less or no money down.

Consumer Reports notes that people who lease are able to drive more expensive cars that would have been out of their price range if they had made a purchase.1 During the lease period, these cars typically are protected by manufacturers’ warranties.

Before you choose between leasing and making a purchase, here are five important things to consider.

1. Leasing Is More Complicated than Buying

Buying a car is straightforward compared to leasing. MSN notes that people who lease basically are paying for the car’s lost value over the term of the agreement, plus a set of fees.2 Lease contracts can be hard to understand and some dealers manipulate the terms to their own advantage. To find a good deal, it’s important to study your contract carefully and question anything you don’t understand.

2. Leased Cars Are Restricted to a Limited Number of Miles

Every lease agreement has a stated number of miles you’re allowed to drive without paying a penalty. This limit typically is 10,000 to 15,000 miles. If you exceed your limit, you’ll be stuck with an excess mileage penalty. Kiplinger notes that this penalty can add up fast. It varies from 20 cents to as much as 25 cents for each mile beyond your limit.3

3. Some Discounts on Leased Cars Are Offset by Fees

Some carmakers offer discounted leases to generate interest in their models, but this savings can be deceptive. Edmunds recommends reading the fine print of any discount offer to make sure your savings isn’t offset by additional fees that are tacked on the by dealer.4 For example, the discounted price may not include the sales tax or various “drive-off” fees. Be skeptical of any deal that sounds too good to be true. Read More

Recent Articles & News
  • Loss prevention tips for vacant buildings
    anemptytextlline
    anemptytextlline
  • Stop Losing Money: 3 Risks to Your Business Inventory
    anemptytextlline
    anemptytextlline
  • ​How to Practice Electrical Safety During Flooding
    anemptytextlline
    anemptytextlline
  • Post COVID-19: Preparing Your Small Business to Reopen
    anemptytextlline
    anemptytextlline
  • Prevent Construction Equipment Theft
    anemptytextlline
    anemptytextlline
  • Preparing Your Property for Employees, Tenants and Patrons During and After the COVID-19 Pandemic
    anemptytextlline
    anemptytextlline
  • Cleaning and Disinfecting During and After a Pandemic
    anemptytextlline
    anemptytextlline
  • What to Do After the Storm
    anemptytextlline
    anemptytextlline
  • 5 Key Questions To Ask Before Hiring A Home Inspector
    anemptytextlline
    anemptytextlline
  • How to Keep Rodents from Entering Your Home
    anemptytextlline
    anemptytextlline
  • Tips to Help Address the Impact of Unexpected Property Shutdowns
    anemptytextlline
    anemptytextlline
  • COVID-19: Adapting and Preparing Your Business for Change
    anemptytextlline
    anemptytextlline
  • Heat Illness Prevention
    anemptytextlline
    anemptytextlline
  • PREVENT THE SPREADING OF CORONAVIRUS
    anemptytextlline
    anemptytextlline
  • COVID-19: Financial Resources for Small Businesses
    anemptytextlline
    anemptytextlline
  • ​Hailstorms are more common than the average person might think
    anemptytextlline
    anemptytextlline
  • Stop Distracted Driving: Grooming
    anemptytextlline
    anemptytextlline
  • Stop Distracted Driving
    anemptytextlline
    anemptytextlline
  • How Crumple Zones Work
    anemptytextlline
    anemptytextlline
  • Staying Safe in Work Zone Traffic
    anemptytextlline
    anemptytextlline
  • The Science of Traffic Patterns
    anemptytextlline
    anemptytextlline
  • FLOODING IS ALWAYS IN SEASON
    anemptytextlline
    anemptytextlline
  • How Do Hurricanes Develop?
    anemptytextlline
    anemptytextlline
  • Is it Better to Lease or Buy a Car?
    anemptytextlline
    anemptytextlline
  • Choosing a Family Vehicle: SUV or Minivan?
    anemptytextlline
    anemptytextlline
  • Tips for Handling a Tire Blowout
    anemptytextlline
    anemptytextlline
  • 4 Things to Consider Before Buying a Hybrid Car
    anemptytextlline
    anemptytextlline
  • Car Maintenance Checklist
    anemptytextlline
    anemptytextlline
  • How to Detail Your Car in 9 Steps
    anemptytextlline
    anemptytextlline