4 Common Leasing Complaints and Why You Should Ignore Them

There are so many incredible benefits to leasing a car over buying one, that it is sometimes hard to understand why anyone would opt to finance a new Volvo, rather than take out a Volvo lease. In recent years, leasing has become an increasingly popular option here in the United States, with drivers leasing more budget-friendly vehicles than they ever have in the past. As these economical models are leased by drivers across the country, the draw to luxury vehicle leasing is still just as popular and beneficial as ever before. Whether you are on your tenth luxury automotive lease, or are debating whether or not to take out your first new car lease, take a look at some of the incredible benefits that luxury car leasing has to offer.

Common Leasing Complaints and Why They Are Unfounded

There are some drivers out there who claim that leasing a new car is simply not for them. These same individuals list plenty of reasons why they prefer to own a vehicle rather than “rent” it from the manufacturer – but the truth is, a lot of their reasoning is due to a lack of knowledge about what new car leasing actually entails. Understanding the leasing process is the only way to make an educated decision, regarding whether it is the best available option for you. Rather than simply list out how leasing a new car works, we decided to instead address the most common grievances expressed by drivers who are against new car leasing. Take a look at each one below, and see why they are mostly unfounded complaints based on perceptions, and not reality.

 
• Complaint 1: If you lease, you will be restricted by how many miles you can drive!   
       
  • In the simplest of senses, this complaint is actually rooted in truth. However, what this naysayer may not realize, is that the person leasing a new car can dictate the amount of miles they are able to drive each year. Monthly lease payments are set based on the depreciation of the vehicle over the period of time it is “borrowed.” The only way to truly come up with the amount a vehicle will depreciate over the term of the lease, is to set an annual mileage restriction. While the majority of leases are capped at 3,000 miles per year, drivers can opt to increase this number when they are negotiating the terms of their agreements.
  
  

• Complaint 2: You don’t own your car! Don’t you want to own your own car?!   
          
       
  • Again, this complaint is also based in truth. When you lease a car, you are essentially borrowing it for an agreed upon period of time, and you don’t actually own it. As much as this is true, it is also true of most drivers who buy their vehicles with an auto loan. Until the loan is paid off, they technically don’t own their vehicles, either. While many lessees take advantage of driving around in a brand new model every three years, plenty of people who lease end up buying the car when the lease agreement ends. For some people, owning their own car is a great point of pride and is important to them. For others, it isn’t. Rather than listen to the negative opinions of others, take your own needs and preferences into consideration. If you are okay with not owning a car, then leasing is a great and worthwhile option to consider. Another benefit to never owning a car and trading it for a new one every three years, is that it is always covered by the new vehicle warranty. No maintenance bills, no repair costs, and the added bonus of never needing to worry whether or not it will keep running for as long as you need it to last.

• Complaint 3: When you lease, you are throwing your money away!   
       
  • People tend to believe that when you make monthly lease payments, you are essentially throwing your money away because you will never get it back. New cars are not meant to be investments, and buyers should never expect to get the money back that they put toward monthly payments when they lease or own a car. When you purchase a car outright, you are paying for the full value of the vehicle in question. When you lease, on the other hand, you are making payments based solely on the depreciation value. As much as people like to put down leasing due to this common complaint, it can just as easily be turned around and used against financing a new car, or buying it in cash. At the end of your lease agreement, you won’t receive money for it like you would with a trade-in – but you also aren’t responsible for paying for the entirety of the car, either, just the amount of the car you use.
   

• Complaint 4: You have to keep that car in perfect condition, or else you will be fined when you turn it in!   
       
  • This complaint is certainly true of leasing, but it is an interesting complaint to have. In our opinion, owning a car should entice drivers to care for their car the same way they would in a leasing situation – after all, it is their property. Individuals who are against leasing often make mention of the fact that you have to keep a vehicle in good condition in order to avoid incurring fines. Again, to a certain extent this is true, but normal wear and tear is not grounds for excessive fines. A lease agreement covers the depreciation of the vehicle over the set amount of time, which includes normal wear and tear. Neglecting the interior or exterior of a lease, however, is when drivers might run into trouble. As long as you keep your leased vehicle in good overall condition, you should not end up having to pay fines at the end of your agreement.
     

If you are considering the possibility of a new luxury car lease, come in and visit the team at Smythe Volvo. Always ready to answer your questions in order to help you better understand the leasing process, the Smythe Volvo team is eager to show you how beneficial a new Volvo lease can be for your personal situation.