Auto leasing is a trap. I drive drive old cars, I always have. I buy them used and hang on to them until they stop running. In spite of this, I’ve always been attracted to new cars, aren’t most of us? Nice interiors, new glossy paint, the newest hi-tech gizmos—there’s a lot to love in an automobile fresh from the assembly line.
Many Americans lease a car. Many Americans crave a new car, auto car leasing is the way many get that new car they crave. The auto industry has convinced many that auto leasing is the best way to have a new car. car leasing is now the, “end all, be all” for many Americans when it comes to car financing.
It’s great to have a new car but you know what’s not so cool? Having a new monthly car payment . Most old cars are bought with cash or paid off—this means they don’t require a monthly car payment. Most people, theoretically, get why it’s nice to not to have monthly car payments, but a majority of consumers decide it’s more important to be able to drive a brand new car every few years.
Most American adults have a car payment every month. Five years into their auto loan, most should be just about reaching that point when they make that last car payment and can start using that money for a “nice” vacation, paying off a bank card or adding to a retirement fund), but most are not.
Many refinanced their auto loans. So for the next few years many Americans continue to have a monthly car payment. At the same time, their cars aren’t getting any younger, and the service bills are start to add up, like “typical” new mufler ($400) that needs to be replaced.
I don’t want to pass judgement on others, but at this point, many have been paying a car payment for five to seven years. It’s built into thier budgets. They are used to it. And while they are stuck with their cars for the next few years (and then intend to stay with their cars until its dying days, “nice vacation” fund, here I come), Many are still lured in by leasing a new car.The lease teases, “You make car payments monthly, forever. but hey, you always have a new car!” The lease remindes, “You never need to deal with selling your car, and If you choose a three-year lease, your car is always under warranty.”
Don’t fall for it people, leasing is not something you should do. There is not a single good financially sensible thing to say about leasing cars. Leasing is the equivalent of throwing money away. Automoblie leases are a drug for status-conscious people who require the rush of driving a ‘better’ car than they can really afford.
Automoblie leases are almost never what they seem. It’s pretty common to get thousands of dollars in extra fees at the end of the lease for extra mileage or basic wear and tear. the worst thing about about auto leasing is that it becomes a way of life. It turns into a lifetime of leasing, once you lease you’ll probably be tricked right into a never-ending cycle of leasing.
Leasing will cost you thousands of dollars, a lot more than if you had just bought a car and held on to it for a reasonable time frame. Here are some Indianapolis auto dealers who offer auto financing options that will fit your budget:
The real issue is that you’ll be subjecting yourself to a lifetime of having to make a car payment every month. You never stop paying for your car, because you will always be leasing—borrowing it—from other people. At $500 a month you are spending $6,000 a year, each year, maybe for the remainder of your life.