It is a sobering reality that we live in an expensive world. While real estate is the biggest expense for most people – either buying or renting – there are also added expenses that must be accounted for including electricity, gas, water, phone and internet, groceries, and car expenses. Aside from real estate, varying car expenses take the most out of people’s pockets each week. When buying an automotive vehicle, individuals must keep up with repayments or spend a bucket load to buy the car outright. There is vehicle registration and insurance, fuel, services, and repairs that accumulate for car owners as well, making car ownership one of the most expensive day-to-day luxuries that we can afford. However, more and more often it is being made apparent that it is more convenient, more cost effective, and more flexible for most individuals to lease vehicles rather than buy them. In fact, 25% of cars on the road today are leased, not owned. In a world of ever-accumulating expense, it is comforting for people to know that there is a more affordable, durable option out there for those that do not necessarily want to buy, but want to have the convenience of having a car when they need it. This evolutionary concept in the automotive industry is opening doors for individuals to make use of vehicles without the ongoing financial strain of owning the vehicle.
While there are those who turn to money lenders for assistance, more and more individuals are opting for car rentals and other leasing options from companies like Orix over buying a vehicle because of the sheer convenience that leasing offers. Leasing an automotive vehicle allows the individual to have all the ease and accessibility of having a car without the hassle of keeping it past their desired time frame. Automotive vehicles are expensive to manufacture and thus expensive to buy, but leasing – not unlike leasing a property – allows the individual to use the vehicle without having to make obscene payments to keep it, as well as giving the individual the choice of a much nicer car rather than one they could perhaps afford to buy for themselves.
Leasing gives individuals a higher probability of driving the best vehicles available on the market, while buying is strictly limited to what an individual can afford to invest long-term in. The obvious downfall to leasing is that vehicles must remain in the same condition that they were in when the lease initially began, right up until the day the lease concludes and the vehicle is either returned or extended. While this may seem like a critical disadvantage, it is important to note that most individuals purchase cars exactly as they like them anyway, meaning that modifications are rarely the sole focus of getting a vehicle. In this sense, what appears to be a downfall is again an advantage – when one buys a car as they like it, they are often limited to financial constraints, but when they lease a car as they like it, they can often drive a much nicer vehicle for less money than they would have to spend to buy the same car. For most standard vehicles, the average monthly payment can be up to $100 cheaper than the repayments on a car that has been bought.
The appeal of leasing a vehicle as opposed to buying it is primarily woven into the innate flexibility and simplicity of the process. With no long-term agreement in the choice to lease a vehicle rather than buy it, individuals that opt to lease put themselves in a more financially stable position (in most cases). As with anything, there are pros and cons to leasing rather than buying an automotive vehicle, but in the case of automotive vehicle use, leasing carries far more benefits than simply buying does. For most drivers, being able to lease their dream car is a much better scenario than buying a car that requires expensive modification to turn it into the car of one’s dreams, because they can lease a vehicle out of their buying price range and still have access to the vehicle as though it were their own, for the duration of the lease. Leasing also allows drivers to upgrade much easier and faster than they would be able to if they bought their vehicle, making it the perfect choice for those that want to drive something new and different every few years without taking up too many miles in the process.
The world that we live in is largely motivated by money, and so it is somewhat discouraging that so many aspects of our daily lives are driven by financial reliability. Car ownership is a topic of particular interest, as the costs of buying and running a car are far higher than most feel comfortable with. Despite this, having one’s own mode of transport is undeniably necessary for most people, and so there are countless individuals biting the bullet and buying, consequently dealing with the financial strain that comes with owning one’s own car. These days, however, individuals can lease automotive vehicles rather than buying them, allowing for more flexibility, financial ease, and convenience. With all the benefits to leasing as opposed to buying, it is no wonder that leasing a vehicle is becoming the norm for the majority of people, freeing up finances for other aspects of life that perhaps otherwise go without.