Friday, May 11, 2018

3 Reasons Why I Prefer Leasing My Vehicles

3 Reasons Why I Prefer Leasing My Vehicles

My first car was an olive green Kia Sorento that my parent's bought me for Christmas before graduating high school in 2011. I loved that car so much! When I graduated from college, my beloved Sorento's radiator blew and it was time for a new set of wheels. I accepted a job in St. Petersburg at the time, so I knew that I needed a car. But I was also scoping out potential options in other states and cities where a car is not necessary. I decided to lease a car (2015 Honda CR-V) and drove off into the real world.

I remember my first drive in the new car... The smell. The bluetooth radio. The hands-free phone system. I felt like a million bucks! During the 3-year term, my car maintenance was covered through my lease agreement and I never had an issue with the vehicle. Last month, I received a call from my dealership that it was time to renew, purchase or turn in my vehicle. I started to weigh the options, costs and decide what made the most sense for my lifestyle. All things considered, below are three of the reasons why I decided to head to the dealership and re-lease for a 2018 Honda CR-V.

Monthly Cash Flow

Given my current career, it makes more sense to keep my money in the bank. As I am almost six months into owning my business, there is still a lot to learn and expenses to potentially be paid. Typically, leasing a car will result in a lower monthly payment compared to financing a car with the same loan terms. Unless you have a significant amount of money to put down, there can be anywhere from a $200-$300 dollar difference here. If you're unable to put money down or looking to hold on to some of your savings, I highly recommend doing the math to see the difference in cost with your situation.

Behind The Wheel

Leasing a brand new car means that I am the only one who's been behind the wheel (besides those that have taken it for a test-drive). My 2018 CR-V had 11 miles on it when I drove it off the car lot. Why exactly is this a good thing? Because being the only owner/driver means that I know everything that has been in, been used or happened to the vehicle. In my opinion, this is one of the best factors of leasing (or buying) a new vehicle. No worrying about the previous driver's mistakes, the dog who added those scratches to the doors or any other matter.

Paying for Major Repairs

When you buy a car, you are responsible for any repairs needed and nobody is helping you with the bill. With a leased vehicle, most of the major repairs are covered under the vehicle's warranty. If for some reason it's not completely covered, you can usually receive a discounted rate for any needed repairs. Given that most of the vehicles leased are brand new, it should be covered throughout the term of your lease.

Of course, this isn't to say that leasing a new car is for everyone! There are certainly pros and cons to both situations. In fact, I made a list of them all with my current financial, career and living situations. Plus, it's never bad leaving the dealership with a shiny new ride.

If you've got any questions, feel free to send them my way!

P.S. My entire outfit pictured above if from Fab'rik Boutique (South Tampa), my new favorite place to shop!

x, B

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1 comment

  1. Interesting idea!

    Briana
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    ReplyDelete

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