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Why Lease

 

Rather to lease or purchase can be a tough decision. Discover the advantages that leasing can have.

Why Lease

Rather to lease or purchase can be a tough decision. Discover the advantages that leasing can have.

The Advantages Of Leasing

Many people are apprehensive about leasing because the benefits over purchasing are unclear. After all, why lease when you can own it and get some money back when you sell it? Leasing can be packed with advantages depending on your preferences, general use, and financial situation.

Below are reasons why leasing might be right for you:

Lower monthly payments

One of the most significant advantages of leasing is typically lower payments than if you were financing to purchase. When you finance a purchase, you pay the entire purchase price over the life of the financing plus interest. But lease payments are calculated differently. Instead of paying for the whole of the item’s value, your monthly payments cover only its depreciation plus taxes and fees. Since you’re only paying for depreciation instead of the total cost-plus interest of the item, your payment will usually be much lower. These savings can help you either upgrade to a newer, more desirable model within your budget or save money each month on a payment that fits your budget better.

 

Tax Benefits

If you lease, then you are in luck. You may be able to deduct the cost of the lease payments from your taxable income. You can also deduct taxes, maintenance costs and other expenses associated with your lease. Of course, you should consult a tax adviser for more information about what tax deductions you may qualify for.

 

Less Cash Required Upfront

You can avoid putting a large down payment by leasing. You may have to pay the first month’s payment, taxes, title and registration fees, and perhaps an acquisition fee or other fees when you sign the lease, but the cost is usually less than the cash you’d need to put down on purchase financing.

 

You Will Not Need To Manage Reselling

 

For closed-end leases, once your lease is over, you simply return the item and move on to something new. There’s no need to try to resell it or deal with the hassle of trying to sell anything and avoid getting ripped off by dishonest buyers. The value of the leased item at the end of your lease term is not your responsibility. The leasing company will take care of that for you. However, you may still be liable for additional amounts at the end of the lease term, including excess wear and use or excess mileage charges.

 

Lower repair costs

Due to lease terms typically being short, most repairs will be covered by the manufacturer’s warranty. To avoid unexpected service bills, be sure to understand what repairs and maintenance are covered by the manufacturer’s warranty when reviewing your lease agreement.

 

You Can Get The Latest Model Every Few Years

A lease is a great way to have the latest technology without the commitment or hassle of trying to purchase or sell your current item when it’s time to upgrade. When your lease ends, you simply return it, choose the next item, and sign a new lease.

 

You May Have The Option To Buy At The End Of The Lease

Leasing often includes an option to purchase the item at a predetermined price, usually at the end of the lease term. Some may choose to exercise this option if the purchase price is less than its value. However, you may walk away if the purchase price is more than the item’s worth. This gives you a chance to “test drive” it for a few years without making a long-term commitment, or easily upgrade at the end of the term.

 

The Mobilease Advantage

We are proud of our commitment to offering the best leasing solution. No matter what type of vehicle or commercial equipment you are looking to lease, we can find a financing option that provides the most beneficial and flexible terms.

Our industry knowledge, combined with our experience in financing, allows us to tailor the right financial package to meet your needs.

Your Mobilease team will finance you from start to finish, with our focus on meeting your needs. Call or email us today to get started.