Are you going back to – or planning to attend for the first time – university in Canada? Consider leasing a car as your means of transport, since when you lease a car, you’re allowed to drive it temporarily, without being saddled with the burden of owning it. You borrow the car and make some payments, and later return the car after your lease period is over. Also, as opposed to buying, when you lease a vehicle you make lower monthly payments, meaning you can save money for more important things, like food and going out with friends. If you’re not convinced yet, this article will outline a few reasons why leasing makes more sense for college and university students.
You Can Drive A Better Vehicle
One of the awesome advantages of leasing is that you can drive a car that’s much nicer, and at a cheaper cost. Impress your friends when you roll up in a new Benz – you don’t even need to tell them how little you pay for it! If you’re a student who wants to drive a luxury vehicle, leasing is your best option. You may not have nearly enough money to buy a luxury vehicle, but leasing is a whole different story – visit the AUTO ONE Group website if you want more specific info on leasing a luxury car.
YouWorry Less About Depreciation
When you pay for a new car, the vehicle value gradually declines, and you end up losing a lot of money. The vehicle’s mileage continues to increase, and problems start occurring because it undergoes wear and tear. With leasing on the other hand, when the term is over, you return the vehicle and lease another one. If you own a car, you will be forced to pay the cost of the repairs and car value keeps depreciating. Leasing is more flexible, as you can simply hop from new car to new car, never worry about depreciation.
No Down Payment
If you’re leasing a vehicle, it’s not imperative that you have an existing cache of cash. When you purchase a vehicle, there is a 5 – 10 percent down payment that normally has to be made. To have access to that money, especially as a student, can sometimes be difficult. Leasing is more flexible because you’re only required to pay a manageable monthly payment.
You Can Change Vehicles Frequently
If you own a vehicle, as it gets old, it tends to have more problems, and vehicle repairs and maintenance will start to burn a hole in your pocket. Leasing is better for students because you don’t have to shoulder all those costs. All you need to do is to exchange your car for a better one. You will enjoy new cars every few years with low monthly costs, with the latest features offered by new vehicles.
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.