Auto leasing is a simple, easy, and low-cost way to drive brand new car. Since most lease deals require little or $0 down at the beginning of the lease term, you do not need a large sum of money to get approved for an auto lease.
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Top 5 Auto Leasing Deals in -
| Compact Cars | Sedans/Station Wagons | Sedans (Large) | Sedans (Upscale) | Sedans (Luxury) |
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• Audi S5 • Volkswagen Golf • Suzuki SX4 Crossover • Suzuki SX4 • Volkswagen Beetle |
• Mazda MAZDA6 • Honda Accord • Volkswagen CC • Suzuki Kizashi • Volkswagen Passat |
• Mercedes-Benz S-Class |
• Audi S5 • Mazda MX-5 Miata • BMW 3 Series • Hyundai Azera • Mercedes-Benz SLK-Class |
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| Sports Cars | Minivans/SUVs (Small) | SUVs (Midsized) | SUVs (Large) | Trucks |
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• BMW 3 Series • Porsche 911 |
• Ford E-Series Van • Mazda MAZDA5 • Ford Escape • Ford Transit Connect Van |
• Nissan Xterra |
10 Reasons Why You Should Lease a Car
Here are the top 10 reasons why you should consider getting an auto lease:
- You can drive a new car every 2 or 3 years. Auto designs change constantly. With an auto lease, you can stay caught up with the latest trends in automotive technology, and always drive the best brand new car.
- You don’t need to worry about costly car repairs. Because you are driving a brand new car, the dealer will take care of any vehicle issues through the standard vehicle warranty.
- Less vehicle maintenance. A new car will require less maintenance than an old, or used car. You save money in the long run.
- No need to worry about future trade-in values and vehicle depreciation. With a quality auto lease, you simply return the car to the dealer when the lease expires.
- It is easier to get approved for a car lease because you are not paying for the entire selling price. Car leasing companies generally take on fewer risks compared to a conventional car loan.
- Your monthly payments will be lower. Again, this is because you are not paying for the whole purchase price or MSRP of the car.
- You get lower money factor rates (interest rates) compared to buying.
- You get to enjoy the flexibility that comes with leasing. You can simply return the car after the lease expires or you have the option to buy the car as well. You may also ‘sell’ or ‘pass on’ your car lease to another buyer, even before the lease expires!
- You get free GAP insurance. In the case of your car being totaled or stolen during the leasing term, GAP insurance will settle the difference between the cash value of the car and the outstanding balance on your lease.
- You get to choose from a wide selection of new cars from each car maker. It is easy to find the car you want for the right price.
How Will Residual Value Affect the Lease Price?
Leasing a car with a high residual value will give you lower monthly payments. Let’s say you want to lease a Toyota Camry with an MSRP of $20,000 over a period of 36 months. The estimated residual percentage is 45% after 36 months, or $9,000.
This will give you a capitalized cost (or lease price) of $11,000 ($20,000 – $9,000) and a monthly lease payment of $305 ($11,000/36).
Let’s say a Honda Accord with the exact same MSRP as the Camry is available for lease as well. The estimated residual percentage of the Accord is at 56%, or $11,200.
This will give you a capitalized cost of $8,800 ($20,000 – $11,200) and a monthly lease payment of $244/month ($8,800/36).
You can see from this example, a car with a higher residual value will give you lower monthly payments.
Open-End vs. Closed-End Lease
There are 2 types of auto leases:- Closed-end lease; and
- Open-end lease.
A closed-end lease is the most common type of car lease. This is also called a ‘walk away’ lease. Meaning, you return the car to the dealer after the lease expires, pay any excess mileage charges and damages to the vehicle, and walk away.
If you decide on an open-ended lease, you will pay the disparity of the residual value and the market value of the car at the conclusion of your lease term. An open-end lease is best for commercial or business purposes only, since business owners can generally charge the cost as an additional operating expense.
It is generally better to lease a vehicle by choosing a closed-end auto lease. Remember to read your lease contract before signing the papers.
Auto leasing is quick, easy, and hassle free! Request a FREE Car quote and find available $0 down lease offers, affordable prices, all from the comfort of your own home! Start leasing today!
