Benefits of the leasing lifestyle

This story is brought to you by Wackerli Buick Cadillac GMC, your local Idaho Falls GMC, Buick, and Cadillac dealership.

It’s time for a new car. Perhaps it’s excitement, perhaps it’s trepidation you feel as you walk onto the lot to start the hunt. Well, it’s trepidation for sure when, with each car, your eyes go immediately to that large number painted on or taped to the windshield. After all, that’s the ultimate deciding factor, right? The cost of the car?

For an increasing number of people, it actually isn’t.

Year after year since the financial crisis of 2008, leasing is becoming more and more popular, and many financial experts say there are cases where a lease “offers a definite advantage.”

One big plus is low monthly payments. With a lease, the financial focus is on the monthly payment, rather than the total cost of the car, and most often results in a payment considerably less than a loan.

According to Investopedia, there’s also the benefit of a warranty that lasts the life of the lease and covers most repairs.

“Leasing arrangements largely eliminate the possibility of a significant, unforeseen expense,” Investopedia says.

And then there’s the tax benefit. Eva Rosenberg, a federally licensed tax specialist and publisher of TaxMama.com, says that with a lease,”you can pretty much deduct most of your payment on your tax return if you’re using your vehicle for business,” while you can only deduct a small part of the cost of your car if you own it.

And yet, it seems people are drawn to leases by more than financial benefits. Often, it’s the ability to easily feel the exhilaration of a new car much more often. When a lease is up, the car gets returned (with some end-of-lease fees), and they grab a new one. There isn’t a process of selling the car, getting a fair trade-in price, securing new financing, etc.

Whether it’s the thrill of a new ride, lack of money to put down on a car, desire for low monthly payments or peace of car-breakdown mind, leasing is a serious consideration on many car-buyers’ minds as they walk the sparkling merchandise of the packed dealership looking for wheels to fit their lifestyle.