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With more mileage on you
car things start to break down and costs to keep your car up
mechanically may go up. It's doubtful though that what you pay
out for maintenance and car repair will ever be as much as
monthly payments would be.
When you lease a car you
make monthly payments as you would if you purchased a car
outright. But, when a lease is up you have nothing to show for
it. These monthly payments may be somewhat less than if you were
buying the car. Leasing a car usually requires large down
payments and security deposits, taxes and fees. It isn't
necessarily cheaper up front than buying a car. Also, when you
lease a car you have mileage restrictions. A lease generally
allows between 12,000 and 15,000 miles annually. If you go over
that amount you pay for each mile. This can really add up.
Leasing doesn't mean you
don't have to pay for upkeep. You are held to the manufacturers
specified servicing schedule for your vehicle. If you don't have
the required maintenance performed this can void your lease. If
you want to end the lease early there are generally large
termination fees. At the end of your lease if there is damage to
the car, or if there are missing parts you will be charged for
them.
Make sure if you are
considering leasing a vehicle that you understand all the fine
print in the contact and all possible extra costs before signing
on the dotted line.
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