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Auto Leasing Pros and Cons Michigan

Should you lease your next automobile or finance it instead? Find out by comparing the advantages offered by each option.

Local Companies

General Motors Corporation
(313) 556-5000
Detroit, MI
General Motors Corporation
(734) 942-5600
Detroit Metropolitan
Romulus, MI
Auto Clinic Inc Parts Plus
(269) 792-6237
Wayland, MI
Napa Auto Parts-West
(616) 454-7008
317 Leonard St NW
Grand Rapids, MI
Autozone
(616) 447-0323
3434 Plainfield Ave NE
Grand Rapids, MI
Bill's Auto Electric
(231) 627-5311
123 E State St
Cheboygan, MI
Napa Auto Parts
(248) 335-4300
Pontiac, MI
Russell's Foreign Car Repair Inc
(269) 473-3088
8754 US Highway 31
Berrien Springs, MI
Advance Auto Parts
(616) 451-4196
626 Leonard St NW
Grand Rapids, MI
Valley Truck Parts Inc
(616) 241-5431
1900 Chicago Dr SW
Grand Rapids, MI
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So you're ready for new wheels-they could be brand spanking new or just new to you. In either case, you've got options, but first you need to decide whether to lease or to buy. Our guide will help you navigate this tricky terrain and figure out which route is right for you.

LEASING

Leasing is for those who are all about the here and now. Those who lease (lessees) want to roll in style today. For lessees, the future is wide open, so they want options when it comes to their ride.

Benefits of leasing
With a lease, you can drive a brand-new vehicle at a relatively lower monthly payment and, traditionally, have very few maintenance costs. For many drivers, lower payments mean that they can afford a more expensive car than if they were to purchase the same car. In some states, you'll only pay sales tax on the lease price - which can save you up to 70% in taxes over buying. What's more, you're building personal credit, which lenders will look upon favorably when/if you apply for a home loan. A lease also offers great flexibility, allowing you to drive a new car as often as every two years if you choose - you have options as opposed to obligations.

How It Works
You pay a low monthly payment, which includes a money factor (similar to an interest rate). You may or may not need to make a down payment. Most dealerships offer leases that allow drivers to rack up to 12,000 to 15,000 miles on the vehicle per year. If you foresee a lot of road trips on the horizon, you can add extra mileage to your lease (for as little as $0.10 per mile, for some cars, or as much as $0.40). You can also customize your lease to run for two to four years. As the lessee, you are responsible for regularly scheduled maintenance and any repairs on the car not covered by the warranty. At the end of the lease, you can return the car and lease another, or you can purchase the car. Depending on your lease plan, you may be able to purchase the vehicle with one lump-sum payment, or you can finance what's owed on the vehicle with monthly payments....


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