Leasing a car allows people to basically have a long-term rental vehicle with various stipulations in place. Not only does this allow someone to potentially have a lower monthly payment relative to financing a car, it also allows them to drive a newer vehicle for less money. However, there are some falsehoods that have carried on regarding the leasing process, which is why we are debunking the top five biggest myths about leasing a car.
Myth #1: Leasing is Not as Good as Financing
The first myth is that leasing is not as good as the “trade in old car to buy new car process.” Since you are only paying for the portion of the car’s value with leasing rather than the entire value with financing, a car lease monthly payment is typically lower than a car finance payment. If you have a car to trade-in, the value could get you a newer car or add more features at a lower payment than financing that vehicle.
Myth #2: You Get Hit with Extra Charges at Turn-In Time
In the lease agreement, it states the total miles when establishing the terms of the vehicle lease. If you exceed the number of miles agreed upon, then you will incur mileage fees that can vary from 25 cents or more per mile. It is important to calculate approximately how many miles you plan to drive, per month/year prior to signing your lease. At D&M we offer high-mileage leases in order to avoid the fees all-together.
Myth #3: All Car Lease Deals are the Same
Some people believe that you will get the same car lease deal from every single car dealer. However, that is not the case as different car dealers within the leasing industry can have unique specials and deals solely for their business. As such, you can certainly get a different price between one business and another. At D&M we encourage that you do your research in terms of car lease specials, however you will not find a better deal and experience after working with us!
Myth #4: You Cannot Negotiate a Lease Price
With any long-term agreement, you are able to negotiate the price. In fact, you can negotiate several elements of your lease’s monthly payments such as: mileage, length, auto maintenance and service. You can tailor your payment based on your needs. Your car leasing specialist will work with you to make sure your needs and wishes are fully met.
Myth #5: You Can’t Get Tax Breaks on Leases
There may be a possibility you are eligible to receive a tax break on your car lease. If you plan to use your car lease for business purposes, your car lease could be considered a tax deduction. Talk to a tax advisor to see if your car lease could be claimed as a tax deduction.
Now that you have the truth behind the top five biggest myths about leasing a car, you can approach this topic with competence and confidence. At D&M Auto Leasing, we make auto leasing easy and cater to your car needs. We offer car home delivery with a zero contact between you and our employees. Take advantage of our no down payment and zero payments for 90 days off on EZ Lease.