Leasing gets a pretty bad rap, but actually it’s a great option for drivers on a budget. There are a lot of financial benefits to leasing, both short-term and long-term.
For one thing, when you lease a car your payments are much lower than if you buy because you’re only paying for a fraction of the car’s value, rather than the whole value. Yes, you’re paying that amount consistently for longer than if you bought a car, but it’s worth it to have a reliable new car every three years or so.
You’ll pay less up front for a lease, too. Buying requires bigger down payments than leasing, so if you don’t have much or any money saved up, but you really need a new car, you’ll have a much easier time leasing than buying.
In the long term, depreciation is one of the biggest savers. Reselling a car you financed will not get you any kind of return on your investment. Cars depreciate the most in the first three years, but when you lease, you take it back after three years and forget about it!