The question of whether to buy or lease an exotic car is one that continues to pop out at every opportunity. To be fair, it’s quite a debate. Both of them have their advantages and disadvantages.
One of the first things that you have to consider is if you are monogamous with cars. Are you going to stick around with one car and cherish it, or you’re willing to chop and change at every opportunity that you get?
That’s something you need to sort out first before you start to consider whether to buy or lease.
When you buy an exotic car, you have full ownership of the vehicle. At some point, you won’t be paying a dime for a car. You can do whatever you like with the car without any fear of consequences from anybody.
This is a significant advantage of buying over leasing. You have something that you can keep with you for life or for as long as you want it.
It can also become “vintage” or “classic,” and before you know it, collectors are knocking at your door with an offer that you’re likely not going to say no to.
It does have its disadvantages too. Chief of this is the cost of repairs and maintenance.
When you break the bank the first time for an exotic car, you might need to break the same bank (or another) a second and third time to repair and maintain that car. It is an exotic car because it has exotic parts.
So, buying replacements will cost you a lot more than you might be willing or able to part with at the time.
However, with a lease agreement, you have an escape route.
Car leasing works very differently from financing the vehicle, and most of the time, it is the right thing to do when dealing with exotic cars.
When you lease an exotic car, you’ll be making payment for the monthly rental charge as well as for the depreciation.
You’re paying for what you are using, and in the end, you would have paid much less than it would cost you to out rightly own the car during the same period.
While there might be problems with the car after your lease period, you can rest assured that these problems are not yours to worry about. Once the lease ends, the expenses end with it. So, whatever repairs and replacements that need to be carried out to make it sellable aren’t yours to handle.
That’s a massive weight off your shoulders, and I know that. You get many options from leasing an exotic car, so it’s a better idea for those who are always looking to change their exotic vehicles after a few years.
You might have to deal with the mileage limit, but it is not so restrictive, and you can modify it so that it suits your style and needs.
Once your lease period is over, you can choose to either extend the lease, buy the car, or upgrade to another exotic vehicle for lease.
According to essay help, another advantage that you get from leasing an exotic car is the tax write-off.
As long as you’re self-employed and have to drive to and from to attend meetings with clients or attend other events, you are likely to get some money back on April 15th every year.
What’s cooler than getting paid for driving your car?
Whether you’re buying an exotic car or leasing it, there are advantages and disadvantages to both scenarios.
So, you have to take your time to study both cases well to be sure which is the better option for you depending on your situation.
However, generally speaking, it is more advisable to lease an exotic car than outrightly buy it. There are several reasons you should lease an exotic car rather than buy it, and these are some of them.
- There’s no scrambling to make a down payment.
Perhaps one of the most challenging aspects of buying a new exotic car is making that down payment.
It is never really a fun thing to do when you have to deep into your savings, but if you are buying an exotic car, then you might have to. However, this isn’t the case if you’re leasing the car instead.
With the lease option, you don’t have to make any down payment.
All you need to do is sign a lease agreement, and you could drive out of that location with your dream car without making any payment at all.
- Warranty covers for maintenance
A significant disadvantage of owning an exotic car is that apart from shelling out huge funds to buy the vehicle, you also have to shell out a considerable amount to repair and maintain as regularly as you need to. In one sentence, owning an exotic car is money sapping.
However, if you lease that exotic car instead, you don’t have to worry about the repairs and maintenance. That’s not on you. It is on the manufacturers, and the warrant covers that.
So, you have some peace of mind while driving on the road, and you can keep your savings.
- You can get another luxury car after your lease agreement is over.
You can go from driving one exotic car to the other once you finish your lease on the first one.
You can easily trade it in for another without stress. Most dealers will take your payment on the previous lease as a credit to lease another vehicle for you.
This is a much better idea for you if you love to be in vogue and drive the latest cars. Instead of having a garage of ‘latest cars,’ you can as well lease them one ‘latest car’ at a time. This saves you a lot of funds.
- You pay a lower monthly payment when leasing an exotic car than when buying one.
When you are considering your budget, you will realize how important it is to make low monthly payments.
When you lease an exotic vehicle, you will have to pay a much lower monthly price, unlike buying one.
It’s a normal thing when you’re renting a car, but it appears more critical when talking about an exotic car due to the amount of money involved. With a lease agreement, you will get to drive your dream car while on a budget.
- You do not need to worry about selling the car.
As many essay writing service uk, note, it can be a hell of a hassle when you are trying to sell your car. This is even more difficult if the vehicle in question is exotic.
You might be ready to move on from that particular car and buy a new one, but you need to sell the one with you first. This then becomes a significant problem as buyers are usually one problem, and then you have to go through another trouble of negotiating the selling price.
This is usually more difficult than you would expect it to be. This problem, however, is one that doesn’t even come into play when you are leasing an exotic car.
If you know you have a knack for continually changing cars, it’s ideal to rent a car instead of buying one. When you lease, you can easily change and choose another luxury car once your lease is done.
You don’t have to stress yourself by selling the vehicle or waiting until you sell it before buying another.
- Your lease payment can work as a tax write-off.
This was mentioned earlier in the article as one of the advantages of leasing an exotic car over buying it.
However, beyond being just an advantage, it is one of the reasons you should look to lease instead of buying an exotic car. You can use your lease payment for a tax write-off.
This is even more important if you are the owner of your business.
It would be best if you worked with an accountant to understand how this exactly works so you can write off the lease payment.
One factor that you have to consider when deciding whether to lease an exotic car or to buy it is whether or not you’re sure of the vehicle. This is also one of the reasons why people rent an exotic car.
You might be willing to buy the car and have the expenses to purchase it outrightly, but you aren’t sure about the car yet.
You don’t know if you would want to hold on to it for an extended period or a short while, or you aren’t sure if it’s what you want.
Rather than buying it and regretting it later, leasing allows you to rent the car and use it for some time and test it.
Then you can decide whether or not you like the vehicle and want to own it for yourself. If this is the case, you can purchase the car for its residual value.
There is a similarity between leasing an exotic vehicle and buying it.
You will need insurance on both, and it will mostly be with similar coverages. What’s more important, though, is that you get to drive your dream car either way.
Whether you think it is better for you to lease the vehicle for a few years or you want to take the path of greater freedom to buy the car.
Whatever the case is, the decision rests on your shoulders.