It's surprising how many people don't consider leasing when they're in the market for a new vehicle. It could actually be a smart alternative to financing because it can allow you to drive a nicer, newer car for less money. However, longstanding misconceptions  lead customers to believe they are making monthly payments and will have nothing to show for it at the end of their lease.Â
Allow us to dispel some common myths about leasing before you completely rule it out as a valid option. It's a smart way to drive a new car!
Leasing Questions With Glockner Auto Group
Many people won't contemplate leasing a car simply because they don't want to make payments on something they won't eventually own. In reality, most car buyers will never own the vehicles they finance. Only 19% of people who obtain 60-month financing will keep their vehicle long enough to make that final payment. So if you trade before you pay off the loan, you have actually leased the vehicle without enjoying any of the benefits of leasing or of actually owning your vehicle.
2.) Leasing comes with a lot of fees and penalties.
Leasing also gets a bad rap because car shoppers have heard that there are steep penalties at the end of the term. This is yet another myth. There are typically no disposition fees, early termination fees, turn-in fees or purchase fees with most leasing companies. Even if you happen to damage the vehicle during the term of your lease, simply turn it into your insurance company as a claim just like you would a vehicle you financed or owned.
It is true that you will be responsible for all vehicle repairs during your lease. However, the term usually ends around the same time as the manufacturer's warranty. This makes it highly unlikely that you'll have to pay any out-of-pocket costs for repairs to the vehicle.
3.) When my lease is over, I have nothing to show for it.
So what happens when your lease is up? Well, that's your call! Most people believe that they have nothing to show at the end of when in reality, they've gotten the best years out of a quickly depreciating asset. Even so, there are still many options to consider. If you like the car, you can buy it by paying off the remaining balance or "residual value." You could also elect to lease an entirely different car or simply walk away.
Once you know all the facts, leasing seems almost too good to be true. So, why don't more people choose this option rather than buy their vehicles? Actually, more and more people are starting to consider it as the right decision for them! At the Glockner Family of Dealerships alone, many of our employees, including Tim Glockner, lease their vehicles. We strive to maintain the best car lease deals in the Ohio, Kentucky, West Virginia area!
 
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