If you have been eyeing brand new Lexus coupes and are torn between deciding to purchase or lease a Lexus, you need to take into account what your end goal is and whether or not you are willing to make a commitment for many years or will be ready to drive a newer model within a shorter time span.
How Does A Lease Work?
If you are only familiar with purchasing a vehicle from a dealership, then you need to take a good look at how a lease works. With a lease, you are granted the chance to drive a new Lexus, but you will not retain any ownership rights during your lease period.
A lease will include terms associated with how many miles you can rack up, the amount of wear and tear that is allowable during your lease term, and the penalties associated with modifying a vehicle. A lease's term can vary, depending upon the dealership that you do business with. This is why it is important that you understand each stipulation in entirety before making an agreement.
During an active lease, you will be required to make payments on your vehicle, but they could be considerably less than what you would pay for a vehicle that you are purchasing. A down payment is also imposed, and the amount that you will be responsible for will be dependent upon your current credit standing.
After a lease is in effect, you will not have the option of trading in your vehicle before the end of your term, unless you are willing to pay a hefty fee that is equal to the amount that you still owe for the lease term.
Repair And Maintenance Fees Could Be Covered
If you have been strapped with bills in the past due to maintaining or repairing a vehicle, you may be pleasantly surprised to learn that with a lease you likely won't be burdened with these types of fees.
Most dealerships include a clause in a lease's terms that is associated with routine maintenance and repair work. You may even qualify for a loaner vehicle when mechanical work is being completed, which will ensure that your transportation needs are not disrupted.
You Can Purchase The Vehicle Or Begin A New Lease
Cars depreciate in value as time passes, which may make it possible for you to purchase your vehicle at a decent price once your lease has ended. Of course, you are not obligated to do this and can merely turn your vehicle in if you no longer wish to drive it. If you more concerned with driving a newer model, then take out a new lease for another Lexus or a different type of car that strikes your fancy.Share