Automobiles are a common aspect of adult American life, and most American adults will own their own car, pickup truck, or van, and these vehicles can be bought new, while used cars are also an option that many customers find attractive. But there is a third route for getting a used car: lease deals. Lease deals can be had at many different dealers, and many auto dealers may have cars available for a lease rather than a regular purchase. Lease deals can be very cost-friendly and convenient for those who need them, and some customers will want a new car of their own while others are pursuing lease deals at their local dealerships. Why might a person want their own car vs lease deals? And what is the process for finding a car for purchase or lease like today?
Navigating the Auto Industry
It will probably not come as a surprise to hear that the global auto industry is enormous, and around the world, many millions of cars are bought, sold, leased, and manufactured. The United States, Germany, and Japan are three major nations for the biggest car brands, with Ford, Chevrolet, Volkswagen, Toyota, and Nissan being popular brand among buyers, among others. Tens of millions of cars are built every year in American, German, or Japanese factories, and just as many are bought each year, either new or used. Many statistics are kept to see how many cars are bought and sold each year, and for what price, and many used cars factor into this, given their popularity. In fact, IHS Markit research has found that over 20 million vehicles on the roads by 2021 will be over 25 years old. Used cars are bought and leased often; between private-party and dealership sales, around 40 million used cars change hands every single year. What is more, most car dealers offer on-site financing options, being linked to as many as five to 10 banks so that loans are possible for buyers. Cars are expensive to buy up front, so financing is a must for most buyers. This means that the total car loan debt is enormous among all American adults, but this is not a cause for concern. Financing like this makes cars very much affordable for those who want them. Buying a car or leasing one involves some relatively easy steps.
Gt the Car Lease Deals
A person will purchase a new or used car if they intend to own it and drive it often for many years to come, and this is a staple route to take among customers for autos. But what about lease deals? Are they a good idea, too? For drivers who have shorter-term car needs, lease deals are indeed a good idea. Lease customers may need a car for only a few months or years, and there are many different reasons why they may take this short-term route for car ownership. Perhaps the customer recently moved to a community for a project or job and will leave again after their business is done, or their current car got totaled and they need a new car to drive temporarily while looking for their next major car purchase. In the latter case, a leased car may in fact serve as a placeholder until a major car purchase is made.
Someone looking for a car lease can start the process the same way other car customers do: looking up various car models online and comparing their price, horsepower, features, and more, and narrowing down their selection. The customer may have a good idea of what they want by the time they reach the dealership in person, and the customer can look over the cars available and test-drive them before making the final decision. At this point, the customer informs the dealer that they are looking for a lease, and they will sign the proper paperwork and pay fees and other installment payments. A leased car’s fees are based on the difference between the car’s original and its current value, with bigger gaps meaning higher fees. Thus, cars that depreciate more slowly in value are the best for getting lease deals on.