For those who have never leased a car, the process can seem confusing and geared more toward business owners, who might deduct the expense, or individuals who simply can’t afford car payments. But in reality, there are benefits to leasing a car regardless of your career or income status.

The Benefits

Perhaps the greatest benefit of leasing a car is the lower out-of-pocket costs when acquiring and maintaining the car. Leases require little or no down payment, and there are lower sales tax charges. Additionally, monthly payments are usually lower, and you get the pleasure of owning a new car every few years.

With a lease, you are essentially renting the car for a fixed amount of time (typically 36 to 48 months). Therefore, you pay only for the use (depreciation) of the car for that period instead of absorbing the full depreciation cost of the vehicle. Leasing a car will never put you in an upside-down position.

Finally, for business owners, leasing a car may offer tax advantages if the vehicle is used for business purposes.

The Drawbacks

By leasing a car, you always have a car payment because you will never actually own the vehicle. So if you don’t like that prospect, leasing is probably not right for you. However, depending on your type of lease, when your lease term is up you may have the option of financing the remaining value of the vehicle, which mean you will own it when you finish making the loan payments.

The mileage restrictions of leasing pose another drawback. If you drive a great deal during the year, purchasing a car may be the better choice.  If you go over your allotted miles, you’ll pay 25 cents for every extra mile, depending on your lease agreement and the type of vehicle involved. This penalty can leave you with a fairly large bill to pay at the end of the lease if you rack up a lot of extra miles.

If you do go over your allotted lease mileage by a substantial amount, you can purchase your leased vehicle and not be on the hook for the overage amount.  Your friendly Ron Westphal Chevrolet product consultant can council you on your best lease-end options.

• $0 Down? No problem! Let us customize a lease just for you! Call our Customer Care Team now at 630-898-9630.  
• $1,000 Cash or Trade due at signing (after all offers). Tax, title, license, dealer fees extra. Includes Conquest/Loyalty rebates. Mileage charge of $0.25/mile over 30,000 miles. Take delivery by 03.31.2019.Payments are for a 2019 CHEVROLET Equinox LS with an MSRP of $26,995. Monthly payments total $7,020. Option to purchase at lease end for an amount to be determined at lease signing. Lessor must approve lease. Current Lessees of select GM vehicles must show proof of ownership. Lessee pays for maintenance, repair, excess wear and disposition fee of $395 or less at end of lease. Plus first payment. Stock # N29340.