Leasing your vehicle becomes the most popular car financing option

We live in a modern world where just about every aspect of life as we know it is more convenient and efficient – including, as it turns out, the way that we approach car ownership. In fact, more and more often, modern buyers are pivoting away from buying their cars, and towards leasing them. It might surprise you to know that upwards of 25% of new cars on the road are leased, not owned, but here we are. Whether you are after a personal automotive lease so that you are not dramatically out of pocket after a brand-new automotive purchase, or a Corporate Novated Lease so you can use a vehicle for work (to name a few examples of automotive leases), the point remains the same: leasing is becoming more and more popular. But why is that?

The control over costs

The costs associated with buying a vehicle are drastically high (understandably so, of course), and so this can often result in modern buyers becoming frustrated with the process of saving the funds to even be able to afford the vehicle in the first place. When you lease your vehicle, however, you essentially take complete control over all costs involved. This puts the power back in your hands, and it is also the reason that leasing is fast becoming the most popular car financing option around the world. Paying less up front and on an ongoing basis means that you have more financial freedom than you would if you signed up to buy a vehicle new.

The use it and lose it approach

When you lease your vehicle, it is inevitable that the lease comes to an eventual end. This is where the use it or lose it approach comes into play. When your lease is over, you can choose to simply walk away if you no longer require or want to have possession of the vehicle. The use it and lose it approach gives motorists more control and more freedom, and is a fantastic reason why leasing vehicles continues to gain traction as a wildly popular approach to car “ownership” and maintenance.

The ability to trade up

When your leasing agreement comes to a close, you can opt to use it and lose it, effectively ridding yourself of the vehicle when you no longer need it. Or, you can trade up. Much like a phone plan, when your lease term is up you can choose to use it and lose it, continue to pay for the vehicle (to the point that you can eventually own it), or you can trade up. This is key to the reason why so many leased vehicles on the roads today the latest and greatest models available. When you can trade up at any point without the added financial brutality, you can afford to be driving the nicest vehicle on the road. And why not? Thanks to car leasing options, you can talk the talk and walk the walk without the necessity of dealing with the consequential financial cost.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.