When deciding whether to buy or lease a new car, many drivers will immediately choose to buy because they've been told leasing is a bad idea; that's just not true. While buying a car is a great option for some drivers, leasing comes with a number of great benefits that make it an excellent option as well. We're here to bust some of the most popular leasing myths so you can learn the truth about what it's really like to lease a car.

  • Myth 1: Leasing will cost you more than buying. Leasing can actually help you save money. Usually the down payment and monthly payments will be lower with a lease, and when your lease is over, you can just walk away. When you buy, you'll only save if you keep your car well past the date that your loan is paid off.
  • Myth 2: You can't negotiate a good lease deal. You can, in fact, negotiate just about every part of your lease to make sure you get a deal that benefits you. Just make sure you do your homework first so you bargain confidently.
  • Myth 3: The business gets a tax break on the lease, and you don't. Actually, you do get a tax break when you lease. In most states, you only have to pay taxes on the monthly payments rather than on the full price of the car, leading to lower tax payment.
  • Myth 4: The mileage restrictions are designed for you to go over so you have to pay a huge fee. If you go over your mile limit, you will have to pay a fee. However, you can negotiate a higher mile limit in exchange for a slightly higher monthly payment, which will save you money in the end. Also, when you buy a car, a high number of miles will be penalized when you trade it in, which will cost you.
  • Myth 5: There's no way to end your lease early. Actually, if you want to terminate your lease early, you have a few different options. You can transfer your lease to someone who's looking for a short-term lease, buy the leased car and then sell it, and more. Just talk to the lease company and ask about your options.

If you're interested in learning more about leasing a Subaru, come on over to our Wallingford, CT dealership. We would be happy to answer all your leasing questions then help you start a new Subaru lease as soon as you're ready.

Categories: Finance