5 Types of People Who Should Lease Their Next Car  header image

5 Types of People Who Should Lease Their Next Car

5-types    

Looking to get a new vehicle? Leasing a car works best for certain types of people and certain types of drivers. Read below to find out if you’re the right type of person to lease your next car:

  1. You like driving a new vehicle every 3 or 4 years: Some people love driving a brand new car every few years. You might be addicted to that new car scent or maybe that sleek sedan appeals to you now but you know in a few years, you’ll need a minivan. Whatever the reason, if you know you’ll be getting a new car in a few years, leasing could be the ideal choice.  

  2. You’re a low mileage driver: If you drive between 10,000 and 15,000 miles per year, a lease is the right fit for you. However, if you exceed the miles in the terms of your lease, you could be charged a hefty fine at the end of your lease. If you know you’ll be driving a lot of miles but you still want to lease, you can likely pre-purchase extra miles before you sign off on your lease.

  3. You have good credit and you’re financially stable: Unlike buying a car, once you sign a lease there is no easy way to get out of it. So if you decide you want to terminate your lease before it’s over or you’re having a hard time making the payment, you could wind up with large penalties. When leasing, be prepared to keep your vehicle until the end of your contract.

  4. You take good care of your vehicle: Just like renting a property, you’ll likely be required to put down a security deposit on your leased vehicle to ensure you’ll pay for any damages when you turn your vehicle in at the end of the lease. If you have kids that spill ice cream on your seats or you have trouble keeping your car scratch free, you might want to consider purchasing a vehicle instead.

  5. You want a more expensive car than you can afford to buy: Often when you lease a car instead of buy, you don't have to put down as much cash up front. You'll also find that your lease payments will be much lower than if you had purchased the car and gotten a loan for the same time-frame as your lease. 

Protect What Matters

When it comes to leasing a car or buying a car, you have lots of options. But you can rest assured that when you choose auto insurance with Farm Bureau Financial Services, you are choosing a company that offers a range of options to help keep you safe, both on the road and off. Contact your agent to learn more

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