How Do I Lease a Car?
While at one time purchasing a car seemed to be the primary financing option while searching for a new vehicle, leasing has really been on the upswing in recent years. Gulfport, Long Beach, and Biloxi drivers will find numerous benefits when choosing this option.
Want to learn the ins and outs of how to lease your next car? All you've got to do is check out this article by the Pat Peck Honda team.
What Does It Mean to Lease a Car?
If you've never leased a car before, you may be wondering how exactly it's done. It's actually quite different from buying.
When you buy a car outright, you're paying for the full SRP, or Suggested Retail Price. In other words, its whole value over a course of years.
With a lease, you're only taking the car home for a term of a few years or so, which means you don't have to pay for the full value of it. Instead, you only pay for the depreciation that occurs while it's in your possession.
Calculating Your Lease Payment
In order to lease a car, you're going to have to sit down with the finance team at the dealership. They'll work with you to figure out how long you're going to drive your lease for.
From there, they'll determine your mileage cap and come up with a depreciation estimate for the full term. Ultimately, this estimate is divided by the number of months you intend to drive the car for and that's where your payment numbers come from.
Since you're only paying for the depreciation value, your monthly payments are bound to be lower than they would be if you were purchasing the car. So, leasing can actually help you save some money.
Leasing comes with several different advantages that you won't have when buying. These are some of our favorites.
No long-term commitment
If you're buying new, you're likely going to hold on to that car for many years. Some of us, however, would prefer to trade in after two or three years.
Leasing will allow you to do so without any of the hassle of selling.
Always something new
Do you like to have the newest of the new? The latest gadgets, shiniest features, and all-around most up-to-date specs? Then you'd probably rather lease. This way, whenever something starts to grow outdated, you can just trade it in for your next model.
Leasing is good for all credit histories
Leasing is one of those financing options that can really work for anybody. No matter what your credit history may be, if you sit down with the dealership's finance team, they'll find a solution for you.
Learn More About Leasing Your Next Car
When Gulfport, Long Beach, and Biloxi drivers want a new car without the long-term commitment, they can always lease.
Want to learn more about leasing your next car? Come sit down with the finance team at Pat Peck Honda. We make the process simple.
Fill out a finance form online today to get started!