What are the pros and cons of leasing a car?
While leasing is not as popular locally as it is in other countries, it most certainly has its place for those who want to drive a new car every couple of years and don’t put a lot of mileage on their vehicles. Let’s look at the pros and cons of leasing.
Pros
-The monthly instalments are lower.
-You can trade your lease for a new one every couple of years.
-The ability to drive a nicer vehicle for less money per month.
-Insurance is included.
- The option to purchase the car after the lease is a reality.
Cons
-There are mileage limits with a lease, with harsh penalties.
-You may be expected to pay for excess wear and tear.
-The risk of added fees if you end the contract early.
-The vehicle is not yours at the end of the term.
-It is difficult to get out of the lease early.
