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With the average cost of a new vehicle rising each year, it is becoming more important to understand the options available for financing. Leasing has become a much more widespread option, available to consumers through a number of different sources, including independent leasing companies, automobile manufacturers, local dealerships and financial institutions.The basic principle of leasing is that the customer pays ONLY for usage of the vehicle. The most frequently cited advantages of leasing are that leasing requires a lower initial cash outlay, the monthly payments can be lower of a typical financing loan, and one can usually get more vehicle for their money. Common disadvantages are that at the end of the term, the consumer does not own the vehicle – and the lessee may get charged for excess mileage and/or wear and tear on the vehicle. Therefore, due to the variety of different leasing plans available; the amount of regulation of the industry; and what can sometimes be a high-stress situation of negotiating a price - or fair market value for a vehicle, consumers need to be well informed of all of their options in order to make a well-informed decision that best suits their individual needs. . |
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