What’s the Difference Between Renting a Car and Leasing One?
The auto industry has experienced as much disruption as other business fields thanks to the expectations of the current young generation. While people may be purchasing and leasing fewer vehicles, at some point in most consumers’ lives, ridesharing will no longer be a viable option. At that point, you will have to decide if you want to rent a car or lease one. Here are the pros and cons of each to consider.
Renting is a service most often used at airports by travelers looking for independent transportation, but it’s handy for other uses like being able to get around when your car is at the mechanic for a day or two. You are not constrained by the number of miles you are going to drive or where you are going, and if you need something larger, you can pick it out of the lot. The downside to renting is that it’s an expensive long-term solution. Sometimes, car rental companies put their logos on the cars, which makes you a target for fraud. While car rental companies are usually well-stocked, the makes and models are still limited. Different providers will have different terms and conditions, too.
If you opt to lease a vehicle, you are going to have to understand the pros and cons. Leasing a vehicle means you get to drive the latest make and model of your choice every two to three years, your monthly payments are lower, and the warranty will always protect you and the vehicle. The downside is that since leasing limits how many miles you can drive per year, you must maintain a stable source of income and the vehicle always has to be well-maintained.
Why Leasing Can Be Better Than Buying
Whether leasing is better than buying for you depends on a lot of personal circumstances. For those who require a car to be available to them at any given time but will not be driving the car thousands of miles a year, leasing is a better option than buying. The warranty does not expire, and you do not have to worry about selling it. Additionally, unless you buy your car at the right time, you might end up paying too much for it.
Whether you should lease, rent or buy will depend on why you need the vehicle in the first place. Renting is great for short-term needs, leasing is great for those who need a car long-term but do not drive enough, and buying is best for those who require a vehicle with no constraints attached.
Ready to lease your first car? Reach out to Finest Auto to get your leasing questions answered today!