Leasing vehicles may seem like an excellent idea, but there are quite a few disadvantages to leasing. Many people in the United States lease their cars which is a huge rip off. First things first what is an automotive lease exactly? An automotive lease is a contract renting a vehicle to specific person from a dealership for a specified period of time with due compensation. A lease is basically a long term rental that you will never own. Some dealerships offer leases that only require one payment which is typically 5000 to10000 plus the signing fee. Leases usually are for 24 or 36 months where lessee can only drive a certain amount of miles per year usually 12,500 per year; if they drive over the contract’s mileage they must pay a mile overage fee which ranges from 15 to35 cents depending on the vehicle. When the lessee turns in the vehicle it is inspected and if there are any dings, stains, rips, damage, or discoloration there are more fees. When you go to a dealership to get lease you have to pay signing few which is kind of like a mandatory down payment. Then there is the monthly charge plus insurance rate. The really annoying thing about leasing is when you go to return it when your lease is up the dealer always tries to sell it to you for a ridiculous even though the vehicle is two to four years old.
It is a much better idea to purchase a car the conventional way when you go to a dealership and put a down payment on the vehicle and take a loan out a pay it off. There are no hidden fees or signing fees. Your name will appear on the title, not dealership’s name. There will be a lean placed on the title until it is paid off, but eventually that vehicle will be all yours. There are no limitations on miles, and no fees for damages that are impossible to avoid. If you choose to purchase your car you are making a very wise decision. Take my word on it don’t lease even if you think you’re getting an excellent idea. PLEASE JUST PURCHASE YOUR CARS!