Lease a Car

Is it a Better Financial Decision For A Family?

Getting a family car is an interesting step for every family. Many families need cars for various reasons. Some might need it to get to work every day, while some have large family sizes and require a family car to move around. Either way, they must decide whether to buy or lease a car.

Many people prefer to buy a car directly instead of taking a lease. They do this because they want to own and be in total control of situations about the vehicle. However, leasing also has its advantages and disadvantages. Leasing a family car is a big financial decision for any family. 

Many lease car deals are offered at rental services that can help families save money. How do you know if getting a lease on a family car is a good financial decision? Here are some of the pros and cons of leasing a family car. 

Pros Of Leasing A Family Car

Maintenance

When it comes to vehicle repair and maintenance, leasing has the advantage. A family that wants to lease a car might not be able to afford the continuous cost of repairs that comes with owning a vehicle. Leasing in this situation is a very smart financial decision.

Most lease durations can last as long as three years, however, short-term lease options are available through companies like Flexxilease if you’re looking for a more flexible solution. During the lease period, the car is usually covered by a warranty. That means if there is a need for maintenance or repair, the company will cover it. This is very advantageous for families as it helps them to save extra money.

Smaller Payments

One thing that comes with procuring a family car is expenses. There are a lot of expenses involved when getting a car. If you want to buy a car, you will need enough money to buy it, which is often high. However, payments are less scary when leasing.

Most families with regular income levels might not be able to pay large sums for a family car, but they can opt for a lease instead. When you lease a family car, you pay a specified amount every month to the rental company. The monthly fee is usually affordable for most families.

No Worries About Value Depreciation

Cars lose value over time, and many people change their vehicles before the value depreciates too much. When you lease a car for your family from a rental service, you don’t have to be bothered about the value of the car depreciating. You can easily return the car and lease a new one anytime.

Easy Replacement

Most families change their cars after a couple of years. Tastes change, and new trends arrive. Car companies release new car models every year, making it easy to want an upgrade. When you buy a car, you have to go through the process of replacement on your own. However, it is much easier when you lease.

Families that lease cars can change the vehicle anytime they want. At the end of each lease period, you can decide whether to replace the car or extend the existing lease. Instead of paying the full cost for the vehicle, you get to upgrade to a new ride simply by changing your lease.

Cons Of Leasing A Family Car

Limited Mileage

One of the main issues of leasing a car is the limited mileage. When leasing a vehicle, you will be asked for the mileage you will be putting into the family car. If you exceed the provided mileage at the end of the lease period, you will be charged some extra cost. This might not be favorable for every family.

You are fine if you stay within the provided mileage. However, if you exceed the mileage, you will be charged for every mileage exceeded.

Cost For Wear And Tear Or Damage 

Every vehicle is expected to go through wear and tear as it ages. The longer you use a vehicle, the more wear and tear you have. Family vehicles are not usually used for heavy transport. A small-sized family can make do with a car like the Model 3 by Tesla. However, if any damage is done to the car, the family must pay.

If a car crash causes damage, you might be protected by insurance, but if not, you will have to bear the full cost of repair.

A car lease is a great decision for a family. It offers many benefits that cannot be found when you buy a car. The amount required to be paid upfront is very little, most of the maintenance work of the car will be handled by the company, and you can change to a new car at any time. Getting a lease on a car is a good financial decision for families.