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Buying a car is a commitment even in the best of times. The down payment is associated with a large amount of cash. You pay for 48, 60 or even 84 months. And even worse, the car loses value as soon as you kick it out of the party, which means you may owe more than it’s worth for years.

Not very much fits into this recession caused by a pandemic, when flexibility and sufficient savings in emergencies are the keys to financial survival.

Now the answer is rent or buy the question is “it’s very big” so “for leasing,” says Oren Weintraub, president of Automotive. He advises concierge customers to at least buy a car to consider leasing because of the current economic conditions.

You can put little or no money. You can choose a shorter term than a car loan. And the risk of mass depreciation along the way is borne by the bank, not you.

Many buyers come to the same conclusion: the share of buyers who use automaker financing and choose to rent has increased from 31% to 52% for the year, according to industry analyst J.D. Food.

Now leasing works

Not all lease candidates. But here are five factors that can bring a decision closer to leasing rather than buying the next car.

1. Leasing offers shorter commitments. “No one knows what will happen in the next few years,” Weintraub says. “People are worried about work safety and their finances, so the commitment to buy a car remains just as attractive.” Instead, consumers are leaning toward leasing because two- and three-year leases are available. Also, emphasizes Scot Hall on the Swapalease rental site, the rent is more flexible with the contract can be easily transferred to another person without a serious financial penalty.

2. Leasing requires little upfront money. During the recent outages, many have burned out their savings and there is little money left for the down payment to buy a car. But leases can be initiated with little or no money. Sure, the monthly down payment without money is higher, but some people still prefer it, Weintraub says. If the monthly payments are still too high, it is better to think about leasing a car at a lower price stay within your budget.

3. Low interest rates mean more affordable payments. Current lending rates are about seven years, according to the Edmunds auto site, without any interest-bearing loans. Weintraub says it significantly reduces the cost of monthly payments.

4. Lots of incentives for producers. Every month, car manufacturers offer incentives to make car purchases and rentals more affordable. Weintraub says there are now many such low-cost leases. This may change as sales resume. To find a deal, Hall recommends going to the manufacturer’s website and looking for special offers. The terms of the lease are spelled out by listing the three main elements of the contract:

  • Lease duration in months.

  • The amount to be signed is similar to the down payment.

Lenders can regulate these factors and apply monetary incentives to several ways to achieve low rents, Hall says.

5. Leasing protects against sudden depreciation. The lease is based in part on the projected value of the car at the end of the contract. But in today’s world, Weintraub states that in three years no one really knows what the car will cost. So if the value of the car suddenly drops, it’s about the lender’s problem, not yours. If at the end of the rental the cost of the car is unexpectedly high, you have the opportunity to buy the car yourself and you can earn money by selling it.

Basics of leasing

Trying to get the best rental deal is different from negotiating to buying a car. Here are some tactics that experts recommend.

Check the price guide. Because of the limited stock caused by the shutdown of the plant, the cost of some cars has risen, Weintraub says. Start by checking car prices on sites like Edmunds, TrueCar and Kelley Blue Book. But keep in mind that these are not real world prices.

Shop multiple dealers. Get offers to rent apples for apples from at least three dealers to find the best deal. Show the dealer the amount you want to pay for the fee, the term of the loan – three years is the “gold standard,” Hall reports – and the number of miles you want to drive. Based on this, the dealer offers you a monthly payment. Every part of the deal is negotiable.

Pour a wide mesh. The car factories were closed during shutdowns, so the choice may be limited to a few months. The sites of some manufacturers allow you to search for several dealers to find the right model in the selected color.

Keep an eye on the miles. Understand how many miles are included in the lease. Most rentals of 12,000 miles per year are standard. But lately some rentals only include 10,000 miles or less, but they offer a lower monthly payment. Less says fewer miles and lower pay may suit many people as working from home becomes a new normal environment, Hall says.

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