When asked, why lease a car, I’ve found most often that this is a derogatory statement towards car leasing rather than an honest question from the one who asked. Usually, the question is followed by a bunch of car leasing myths and other propaganda aimed at shooting down the leasing prospect’s mere mention of the idea. The goal is to convince me that leasing is not only a bad financial decision, but an extremely irresponsible idea on my part and I should feel guilty for even pondering the careless and reckless curse I am about to put on my future security and life. While that might sound pretty extreme, it is more true than you might think. That’s okay; I’ve grown immune to such criticism and have learned not to let it bother me in the least. In fact, I always see it as an effective opportunity for a proper education. One cannot possibly win an argument over what one does not know. Why lease a Car? That is not so much a question, but a lesson waiting to be taught and learned. Before, we engage in such a course, there is some necessary background to cover. First, it helps to understand the mindset and background of your typical, leasing skeptic.
Understanding the Leasing Skeptic
Over the course of the last dozen cars or so that I’ve leased, I’ve learned a great deal about the negative bias against leasing. For starters, there are a great number of people who have never leased a car before and know absolutely nothing about leasing. But, that won’t stop them from telling you or me that leasing is a bad idea. Let’s refer to these people as, leasing skeptics. I know where the conversation is heading before I even begin to formulate my first response to such a person. The next thing you know, the leasing skeptics are repeating every single, car lease myth and horror story they’ve heard from other leasing skeptics who have also never leased a car before. To see the list, refer to one of my previous articles, Car Leasing Myths. To fully understand the leasing skeptic, one must delve a little bit deeper in their psyche about car ownership, financing and risk-taking. There is no better way to do this then to take into account the many half-truths they will rattle off to us in order to scare us away from leasing cars. I call these half-truths because many of them are true on the surface. However, none of them are good reasons not to lease cars. Below is the most popular, half-truths list against leasing cars.
Top-5 Half-Truths Against Leasing Cars
- You will never own the car: This is not only true, but it is the primary reason many of us lease cars. What is it we want to own? We all know that cars depreciate by thousands of dollars each and every year. While most of the depreciation hit is taken in the first 3-5 years, this also happens to be the time maintenance and repair costs rise. Old cars will need new tires, new brakes, belts, hoses and other potentially expensive maintenance. If you’re fortunate, you will not incur an expensive repair item in addition to the inevitable maintenance. For instance, I once had to replace an alternator my fifth year into a 1996 Infiniti to the tune of around $700. So, the question is, is owning a car a good or a bad thing? If you’re on a highway in the middle of no-where, in the middle of the night and your car breaks down, chances are, you’ll wish you had never owned the car in the first place. New cars offer security and piece of mind. Old cars and car ownership are hobbies for those who enjoy working-on, modifying and fixing up old vehicles. While, there is nothing wrong with these hobbies, don’t assume they equate to sound financing and security both on and off the road.