10+ Pros and Cons to know before Leasing a Car
There are various things that one should be aware of while leasing a car so that they can get a good and genuine deal. Some of the stats and facts related to car leasing are presented in the below part of the article.
Also Read: 10 Fastest Production cars
If we see the percentage of new cars leased out then its lowest can be seen in the year 1990 with just 7% while with 24% it reached its peak in the year 1999. In the year 2010, the stats stand at 20%. From the year 1990 to 1999, the percentage of the new cars leased showed an increasing trend while from year 2000 to 2005 it showed a decline.
Read: Best time to Buy a Car?
There are various benefits that can be enjoyed by a person who has leased a car. No down payment is needed in order to lease a car and moreover you can get yourself a new car in every 2 to 4 years depending upon the terms of the lease. As compared to buying a car, leasing payments are generally 30 to 60% less. Leasing of a car also allows you to drive a car which you cannot afford to buy and moreover since the cost of maintenance is covered within the lease amount thus the savings of around $1200 per year can be enjoyed by the person.
Recommended: Which Country sells out more cars?
Besides various benefits, leasing car also has its own shares of disadvantages. In case if the car is stolen or wrecked, then general upfront payment which you have done of around $2500 will not come back. The mileage limit of the leased car is around 10,000 miles per year but on an average, majority of the people drive more than 15,000 miles in a year and as per the terms of the lease you will be charged extra for every extra mile. Another disadvantage of a leased car is that you cannot modify it as per your desire and also bear its excessive wear and tear.
Some of the best luxury cars to lease include names like Jaguar S-Type, GMC Yukon Denali, Mercedes- Benz CLS and others. In the year 2012 some of the major reasons that lead to the people skipping their car lease include financial concerns, size of the family, wanting a new car, maintenance, prices of gas, no need of the vehicle, change in lifestyle, concerns regarding mileage and others.