Leasing vehicles continues to become more popular throughout the United States. A report in early 2017 indicated leasing volume had grown by more than 91 percent over the previous five years—a stunning amount of growth in the leasing market. This is primarily because people are attracted by the monthly payments, which typically come out to be much lower than what they’d pay for a financed car each month.
Of course, if you’re going to be leasing a car, then you need to know all of the responsibilities you have as the lessee, including who is responsible for maintaining the vehicle. Here’s some information from our auto repair shop in Port Charlotte, FL.
Your responsibilities when leasing a car
Whenever you lease a vehicle, you’re essentially renting the car for a longer period, often 36 months at a time. You do not technically own the vehicle, but in many cases you do have the opportunity to purchase the vehicle upon completion of the lease. The terms of the lease can vary, but you can expect to pay monthly fees, and will be responsible for any repairs or maintenance needed for the vehicle during the course of that lease contract.
It is crucial to understand the exact responsibilities you have as the caretaker of the vehicle during the lease term. There might, for example, be a limit to the amount of mileage you can put on the vehicle in a given year. It’s not uncommon for there to be 10,000- or 15,000-mile limits, with fees per mile over that limit.
Some dealerships do include maintenance in their lease contracts, but the majority will require you to pay for all maintenance and upkeep out of pocket. There may also be penalty charges if you do not keep up with the suggested maintenance schedule laid out by the manufacturer.
One might think a leasing arrangement does not give any incentive to a person leasing the vehicle to keep up with maintenance, because if they’re paying out of pocket for it, they’re going to want to avoid maintenance as much as possible, and do just the bare minimum to avoid having to pay for the fines associated with failure to follow maintenance. There’s also the issue that, depending on the mileage for the vehicle, maintenance may be more costly at certain points in the vehicle’s lifespan.
These are all things you’re going to have to consider when deciding whether or not leasing a vehicle versus purchasing one is right for you. You’ll also, of course, have to consider the other pros and cons associated with leasing, including the long-term costs and whether or not you’re comfortable being locked into the lease for the specific amount of time listed in your contract, as there are early termination fees that are likely to apply.
For more information about the specifics of vehicle leasing or to schedule an appointment for auto repair in Port Charlotte, FL, contact Ice Cold Auto Repair today. We look forward to assisting you!
Categorised in: Auto Repair Services
This post was written by Writer