Why Lease a Car? | Top 10 benefits of Leasing a Fiat | Highlands Ranch, Denver, Northglenn

Benefits of Leasing a CarThe market trend shows approximately 30% more people are choosing to lease rather than to buy a new vehicle for a number of reasons. Such as: lower monthly payments, vehicle warranty and length of a lease term is 2-3 years. The top benefit is the ability to trade your leased vehicle after 3 years which may allow you to get a newer vehicle for a lessor amount than you are paying on your current lease.
Benefits of Leasing a Car

Why Lease from Larry H. Miller FIAT Denver?

By now you have researched the car and taken a test drive, and made room in your garage for your new car

At Larry H. Miller Fiat Denver we help our customers make wise car-buying decisions. We make sure you get the vehicle that is just right for you and your lifestyle. It's also why our trained team of leasing specialists want you to take all the time you need to go over your finance options and discuss our finance and lease specials.

Ten of the Benefits of leasing your car in Denver and questions to ask yourself:
  1. Economical and flexible: Do you need the lowest payments possible at this point in your life?  Leasing typically offers lower monthly payments when compared to buying. You will spend less on monthly payments while driving a more expensive car and there is generally a much lower down payment required on a leased vehicle. In some cases no down payment is necessary. Tip: Keep in mind you will be able to afford nicer options and may still keep your payment lower than a traditional purchase.
  2. Since most care is covered by factory warranty your costs for this will be very low cost or even free. Tip: a typical warranty on a new car lasts 2-3 years, which is about the same as lease terms.
  3. Perfect for students, new graduates, or busy professionals, leasing offers convenience, a great deal and the option of a nicer car than you might be able to afford if purchasing. Tip: Are you part of the military and anticipate being sent overseas in the next 2 years for a long-term deployment?  If that's the case then leasing may be your best option.
  4. More flexibility to move on to another vehicle after a few years with the latest in technology and safety features.
  5. If you fall in love with a car during your lease, another option is to re-lease, or extend your lease, at the end of the lease contract term. Tip: Extending your lease, typically month to month, buys you more time if you are not ready to turn n your lease.
  6. Don't worry about t depreciation.The value, also known as the residual value, of the car you are leasing, is locked in at the beginning of the lease. You will know the value of your car at the end of your lease term, rather than be subject to market trends and demand for your car. Tip: Select a car to lease with the greatest amount of residual value.
  7. Six options at the end of your lease: Return the car. Buy the car, Extend the lease, Re-lease the car, Trade in the car for a new lease, or Walk away from the car if that is the best choice for you. Tip: Ask your leasing specialist for complete understanding of how to turn a lease and what options you have and the end of the lease.
  8. Customize mileage on the lease by buying miles upfront. Guesstimate the number of miles you anticipate driving yearly and negotiate the mileage limit. Tip: At the end of the lease you will not be credited, or reimbursed for unused miles.
  9. If a Security Deposit is required and you agree to pay two or more security deposits (which is refundable) it reduces the interest rate, also known as the "money factor", because the risk is lower. Tip: A lower money factor translates into a reduced monthly payment.
  10. Take advantage of tax deductions. The leases tax deductions are almost 6 times larger than ownership. For a business owner who owns a car, deductions is limited to fifty-four cents for every limited mile you drive the car for business. With a lease there is no limit to the miles you can take a deduction on your taxes. Tip: If you use your car for personal use, you must keep a well documented journal of miles driven for business.

Buying Versus Leasing a Car

Should I Buy or Lease a New Vehicle?

There is no easy answer to this question.  You'll have some camps that say, "Leasing is for suckers" and others who swear by the practice.  The true answer is:  it depends on you and what you want out of your new Ford. Below is a comparison of buying versus leasing a new Fiat in the Denver area.

Auto Financing

Buying and leasing are just two different types of auto financing to achieve the same thing: getting the customer a new car. One is used to finance the purchase of the vehicle - meaning the customer has ownership and the other is used to finance the use of the vehicle over a period of time.  

No option is better than the other but each option will fit your needs in different ways. When you look beyond the financial comparisons of buying and leasing you'll see a whole list of questions about your priorities:

  • For 2-3 years, when leasing, you won't be responsible for paying for major repairs due to components breaking down.
  • Do you drive your car for 5-10 years so you get maximum value for your purchase?  If so, then buying may be right for you.
  • In an average year, do you drive 12,000 miles or more... typically you are better off buying rather than leasing.
  • Are you part of the military and anticipate being sent overseas in the next 2 years for a long-term deployment?  If that's the case then leasing may be your best option.
  • From a financial perspective, do you need the lowest payments possible at this point in your life?  Leasing typically offers lower monthly payments when compared to buying.

What happens when my payments are over?

When you buy a car, you own it without a lien after you've completed all of your payments.  You can do with the car what you wish at that point without fear of having to make more payments.  When your lease term is up you typically have five options:

  1. Buy it and keep the vehicle
  2. Buy it and sell the vehicle at a profit (assuming the market value is above the residual value)
  3. Buy the vehicle and then trade it in for another vehicle, either new or used (again assuming the market value is above the residual value)
  4. Extend the lease and continue to drive it
  5. Return the vehicle to the dealer with no resale or trade-in hassles and then make the decision if you want to buy or lease a new car.

Thoughts to Ponder if You Use Your Car for Business:

Are you an Employee or Self-employed and will the Business own the vehicle or the employee? There are differences if you are self-employed and if you have a W2. Learn about IRS Business Expense

Do you think you are going to drive more than 10-12k a year? If so then take into account the additional costs for excess mileage.

How many miles do you drive for business? Learn about what is deemed tax deductible if you lease a car for business on the IRS Methods for deducting Car and Truck expenses page.

What is the approximate percent of miles will be used for business?
When you lease a vehicle, even if you use the car 100% for business the IRS requires a "lease inclusion cost."
Learn about IRS Business Expense. See IRS Publication 463 for computation table.

Do you have a second car for personal use? Learn about Business Use of Car IRS Topic 510

Are you able to keep detailed records on your vehicle mileage? It is essential that you keep a detailed vehicle expense log and record business miles and expenses. It's necessary to maintain mileage logs because you will need to determine what percent of the Actual Expenses you will be able to deduct. IRS & Transportation

We hope that you'll stop in and see us soon Fiat of Denver, where we have a great selection of FIAT vehicles for you to browse. We're proud to serve drivers from this area and we are the #1 volume dealer in Colorado
as well as the surrounding locations of Highlands Ranch, and Northglenn, CO.
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