When it's time for you and your loved ones to get into a new car, there's one big decision you'll face. Should you lease, or should you buy? Each option has its own set of benefits, and depending on your financial health, leasing the vehicle could be the better one to get yourself into a brand-new Mitsubishi vehicle right here at Boardman Mitsubishi in Boardman, Ohio.
Benefits of Leasing a Car in the Youngstown Area
Here are some of the benefits of leasing a vehicle:
Less Cash Required at Drive Off
Down payments for car purchases can reach up to 20%. A lease, however, only requires little to nothing for a down payment. When you sign the lease, you'll usually have to pay the registration fees, title, taxes, the first month's payment, and perhaps an acquisition fee or other fees, but the cost is often less than what you'd need to put down for financing a vehicle purchase.
Lower Monthly Payments
Another great benefit of leasing a car is lower monthly payments compared to buying or financing. When you finance a car purchase, you have to pay the entire purchase price of a car over the financing term plus interest. A lease payment, however, is calculated a little differently.
Rather than paying for the entire amount of the car, your monthly payments cover its depreciation (plus taxes and rent) over the lease term. In other words, you pay only for the use (depreciation) of the vehicle for that period instead of the purchase price. Hence, your monthly payment will usually be much lower. This can help you save money each month on a less expensive car payment or an upgrade to a newer model.
You Can Get a New Model Every Few Years Hassle-Free
A car lease typically lasts around one to two years. Because a lease term is relatively short, you can drive a new vehicle with advanced technology and safety features without the hassle of trying to buy or sell your current one when you decide to upgrade to a newer model. When your lease ends, you can just return the vehicle to the dealership, choose a new model, and sign a new lease contract.
You Don't Need To Worry About Reselling It
As mentioned earlier, once your lease is over, you simply return the car to the leasing company and move on to your next vehicle. You don't need to spend time and effort trying to resell it, as the value of the vehicle at the end of the lease term is the dealership's responsibility — not yours. However, the dealership may still require you to pay for excess wear or use and excess mileage.
Lower Repair Costs
Because lease terms are so short, most repairs are covered by the bumper-to-bumper warranty of the manufacturer. In some cases, the manufacturer covers the maintenance costs. Make sure to review your lease agreement and maintenance or warranty agreement. Find out what maintenance and repairs are covered to prevent unexpected vehicle service bills.
You May Have the Option To Buy the Vehicle at the End of the Lease
A lease often includes an option to buy at a predetermined price. Consider this option if you love your vehicle or if its purchase price is less than its value. If the purchase price is more than the car is worth, then consider walking away. Although that may leave you regretting not purchasing it from the beginning, it gives you an opportunity to “test-drive” the car for a few years prior to committing to it long term.
How To Lease a New Mitsubishi Outlander in Youngstown, Ohio
The 2023 Mitsubishi Outlander gives you the performance and power you desire. If you want to lease this impressive SUV, we can help you through the process. Here are the steps for leasing a new Mitsubishi Outlander:
Choose the Model or Trim You Want
The first step in leasing a vehicle is finding a car that suits your budget and lifestyle. Even though you're leasing instead of purchasing, you'll be driving the vehicle for a few years. Thus, make sure you're thinking about what model you really want before you sign on the dotted line. Think about what trim of Outlander you want, what safety features or in-car technology you need, how much space you require, and more.
Test-Drive the Vehicle
Once you find a model you like, take it out for a spin. Pay attention to how the vehicle makes you feel, and how it performs under limited pressure. Taking the vehicle for a test drive can also help you narrow down your options when trying to choose which trim you want to lease.
Consider Asking About Our Lease Deals
After taking the car you want to lease for a test drive, consider asking us about our lease deals. Our Mitsubishi dealership is always offering great deals on our cars to help save you money. Hence, make sure to constantly check our new vehicle specials page. Some of our lease deals on Mitsubishi vehicles even require little or no money down.
Negotiate Your Lease Agreement
Negotiating your contract is perhaps the toughest part of the leasing process. After you've decided on a model, you can sit down with a sales agent to discuss the details of your lease agreement. When you negotiate your lease, think about your monthly payment, mileage limit, and the length of your lease. Our sales agent will help you with all those details.
Make Sure to Take Care of Your Lease
The leasing process isn't over once you've signed the lease contract. One of the most important things you should keep in mind when leasing a vehicle is taking care of it after you leave the lot. Keep the vehicle in good shape, keep up with routine car maintenance, and stay within the mileage limits.
Lease a New Mitsubishi Outlander from Boardman Mitsubishi
If you want to learn more about leasing a New Mitsubishi Outlander, please don't hesitate to contact us today. At Boardman Mitsubishi, we'll review your budget, credit score, and needs to find you the best lease deal so you can save money and take advantage of the benefits of leasing. And should buying a new vehicle better suit your financial situation, we can get you pre-qualified for an auto loan right away.
Image Credits: Image by Clay Banks is licensed with Unsplash License