Buying a new or used car is a huge commitment, no matter the make or model. On top of large monthly payments, deciding on a car that will meet needs in both the present and future can be intimidating.
A lot can change in a few years, especially for younger people who may be thinking about changing careers, getting married, or having children. What meets their needs in the present may not be suitable in a year or two, and having many years of car payments on a car that does not work for them can be a huge weight on their finances.
For many in a position like this, the option to lease a vehicle is extremely helpful.
Leasing is essentially buying a vehicle in a different way. With a lease, buyers commit to maintain and make payments on the car for three years. After those three years, the buyer can choose to either pay the residual balance of the vehicle to own it, or sell it back to the dealership and pay only the difference.
Leasing allows for a much more flexible and lower-risk experience. If a customer doesn’t love the car that they leased, they can bring it back to the dealership and lease a different vehicle. There is no fear of having to make payments on a car that no longer suits them.
“It's a good way to make sure you like the car before you totally invest in the rest," said Team Chevrolet Sales Consultant Traci Brubaker. "Life can change a lot in three years, especially if you're young. You might get married, you might have children, and now you need a bigger vehicle. Or you bought the bigger vehicle and now gas prices went up, and now you need to get something smaller and more economical. It's just nice to be able to reevaluate your situation every so often."
Though it is often the smart choice for many people, leasing often gets a bad reputation. Whether it’s from a family member sharing a horror story of someone receiving a large bill or a friend that was told to never lease a car, the option to lease is often discarded before people have the chance to truly look into it.
“There's a big rumor out there that when you turn the car in, you’re going to have a huge bill. As long as you drive the car under the mile limit and you maintain the car and those kinds of things, you're fine. It’s very rare that you get a large bill after turning a car in,” said Brubaker.
Leasing isn’t always the sensible option, but for many, the option to lease means that they can save money in the long run while ensuring that their leased car meets their needs. At a time in their lives when things are constantly changing, the ability to rethink and rework a vehicle choice is a reassuring option.
“Sometimes it makes sense, and sometimes it doesn't, but it's always good to ask,” said Brubaker. “There are a lot of people that have heard the old wives' tales that say it's not smart, and we need to stop telling people those stories. They're just so outdated and they're not true. We need to start talking about things that are smart that help people that are in their 20s and 30s do better to save money and make smart decisions for themselves.”
Whether the customer is in their 20s looking to make their first car purchase or in their 80s looking for a plan to adjust to their varying needs, a lease may be the best option to purchase a car without fear of committing to a vehicle that does not work for them.
While it may not be wise in every situation, it is certainly worth the research.
“It's not a bad word. It's actually just a really smart way to buy a car,” said Brubaker.
For those interested in buying or leasing a car, Team Chevrolet is here to help. Get in touch by visiting https://www.chevyon30.com/.