Miles & MIles & Miles, oh my
First, what are the miles driven annually as of right now in your current situation.
Are you in a secure job and what if you change jobs and your commute becomes a longer distance.
Also, where are your family and friends located and will you be doing a lot of visiting / road trips to get to them.
Where are you located and are you renting or have you purchased your home and do you plan of moving at any point in the near future which would change you distance to your job and family.
If you have children are they getting to the age of hanging out with friends, participating in sports, or on the verge of getting their permit, which would all lead to unforeseen mileage being racked up😳
Don’t forget to allot for any road trips you plan to take during the year(especially beach days🌴)
Am I Neat & Organized
When you lease a vehicle it must be returned in the exact way you purchased it minus your mileage allowance and basic wear and tear.
This means you should be getting weekly car washes and keeping up on your regular maintenance as well as keeping all documentation and receipts of everything you do.
These are most likely requirements in your lease so you do not want to give them any reason to charge you which means you need proof so good record keeping and being neat and organized is a plus.
Can I Afford to Lease
What if your current financial situation changes? Will you still be able to afford the payment plus all of your other bills?
Remember you can’t just sell it like you could a vehicle you purchased so you will have to ride out the lease agreement. Once you sign on the dotted line you are married to that vehicle for that period of time. Also, if you do not decide to lease again at the time of return you will be charged a disposition fee as stated in your contract. You will also be charged for any mileage overages and damage above their basic wear and tear terms.
My advice, always know your way out before you get in.
Flash forward and think about the end of the lease term and if you will be leasing again or paying the fees and moving on.
Will you have the cash to put down on a vehicle purchase or qualify for a loan at this time. You could always purchase your lease and it may make sense but you will still need to prepare for this situation.
I’m not saying leasing is the worst thing but it really only works for a very small percentage of people in certain situations. With that said, I just think you should take leasing very seriously and make sure it is a perfect fit for your lifestyle. Check out more at the webinar “Know if your vehicle is lease turn in ready”