If you love driving a new car but don’t like the high price of buying one, leasing may be the right choice for you. Lease contracts are generally two years in length, enabling you always to drive a newer vehicle that is under warranty for at least part of the time. Your initial deposit and monthly payments will be less expensive than purchasing the car. Here are a few points to consider to determine if leasing is for you.
Calculate the Total Cost
Have a look at your income and decide ahead of time how much you can afford to spend annually. Dealers will keep you focused on the low monthly payments, but there are other costs to consider. Read the terms and conditions on the contract and look for additional fees. A leased vehicle costs more to insure, so get auto insurance quotes Woodbridge Va to determine if coverage is within your budget.
Check Your Average Mileage
If you regularly drive a lot of miles each year, leasing is not a good option for you. A leased car always includes an annual mileage cap that ranges between 10,000 to 15,000 miles. If you go over that amount, an overage fee of as much as $0.30 per mile is charged.
Add up the Maintenance Fees
Regular maintenance is essential on a leased vehicle as dealers expect you to return the car in pristine condition. Some contracts even require proof that you followed the recommended maintenance schedule for the vehicle. The car will go through an inspection when you return it, and you could end up paying extra fees if the dealer finds any issues with the vehicle.
Calculating the total cost of the lease, checking your average mileage and adding up the maintenance fees help you determine if a lease is a right choice for you.