Being an Owensboro, KY Mazda dealer, a lot of drivers ask us about leasing, particularly new motorists and people who’ve never leased an automobile before. Because so many drivers have questions about how leases work, we thought it would be a good idea to share some basic information about leasing.
Leasing and buying a car are two distinctly different transactions. When you purchase a vehicle, you get to keep it and do whatever you want with it. Leasing a car is similar to renting a vehicle. Just like you’ll return a rented car to the rental agency, you’ll return a leased automobile to the dealership you leased it from when your lease is up.
When you lease a vehicle, you have to abide by the terms of your contract. If you don’t, you’ll have to pay a penalty at the end of your lease. In general, you’ll have to maintain a leased car in good condition. There will also be a cap on the maximum number of miles you can drive your leased vehicle every year.
Leasing is often a great option if you drive less than the average number of miles annually and you don’t travel with companions who may make a mess of your automobile, such as your pets. Even pets who are extremely well behaved can still have muddy paws that can stain your upholstery so be sure you use seat covers and cargo liners if you’re going to transport your pets in a leased car.
Lessees typically have smaller monthly payments than people who take out a car loan on the same vehicle. They normally don’t have to put as much money down either. These things make leasing a wise choice if you only have a small down payment and you’re on a tight monthly budget.
To learn more about leasing, contact our Mazda finance department or visit Champion Mazda today.
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