If you’re in the market for a new vehicle or you want to upgrade your car for something a little newer, you may be considering leasing a used vehicle as a viable option. However, trying to find the right vehicle to fit your needs and your budget can be a daunting undertaking, especially with so many options available to you in New Jersey.
But sometimes, getting behind the wheel of that next great vehicle requires more understanding of your options. When it comes to leasing used cars, there are some things your friends at Drivrz Financial want you to know before you sign on the dotted line.
Today, we’ve put together our list of three things you need to know about car leasing so you can be fully informed to make the best decision for both your wants and your budget.
1. Leasing Is Cheaper
When you lease a used car, your upfront costs tend to be cheaper than buying. And for obvious reasons, because you’re not paying for the entire price of the vehicle before you drive off the lot. You’ll also have a lower monthly payment on a lease than you would for buying a car. This also means when you lease a vehicle, you may be able to afford a nicer set of wheels than if you’re buying outright or financing in full.
2. Your Side Hustle May Be a Problem
If you were thinking about using your leased, used car to make a little extra money on the side, you might be in for a surprise. Many leased cars have stipulations in their contracts that prevent you from using your vehicle for ride-sharing programs like Lyft and Uber. Plus, any miles you would use doing that count toward your yearly contractual mileage allowance.
3. Understand Your Exit-Strategy
When it comes to the end of your lease term, you need to know what you plan to do at that time before you even start your lease. Some options range from giving back the used car and leasing a new one to buying it outright in lease buyout. Be sure that you understand any costs associated with a buyout or mileage overages that may occur.
Finding the perfect car to cruise the beaches of New Jersey takes time, and it’s essential to understand all of your buying options. At Drivrz Financial, we have the used car leasing financing options available to help you get behind the wheel of your next favorite vehicle today!