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What you need to expect when leasing a car from Bloomington

There are plenty of places where you can lease a car, including one of your local Indianapolis car dealerships. But the question may be asking yourself is whether leasing a car is right for you. What should you expect when you lease a car? It will take some research and a solid understanding of leasing versus purchasing to decide which one is right for you.

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What you need to expect when leasing a car from Bloomington

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  1. What to Expect When Leasing a Car http://www.bloomingtonford.com

  2. Leasing a Car • Leasing or purchasing a car is an intensely personal decision. Here are two major categories of what to expect when you lease a car at your local Indianapolis car dealership: • The Benefits of Leasing • Terms of Leasing

  3. Benefits - Variety • Many car enthusiasts want more than one car for the indefinite future. Leasing allows you to: • Experience the joy of trading in your car for a new one every three years, • Afford a more deluxe vehicle than otherwise, • Decide from almost every make and model.

  4. Benefits – Electric Cars • Want to help save the environment? Leasing is a great for driving around an electric car. • You can keep up to date with the latest technology! • Instead of buying and then selling old technology years later, you merely return your electric car when you’re done with it.

  5. Benefits – Business Owners • Yet perhaps the greatest benefit to leasing a car lies with business owners. • If you use your leased vehicle for business related purposes, you can deduct almost all expenses from your taxes. • Check with your tax advisor or local Bloomington dealership for more information.

  6. Financials – General Knowledge • When leasing a car, it is important to understand the economic details. A few general tips to keep in mind: • Leases are easier to obtain with low credit, • Leases present less out-of-pocket costs, • With warranties, you have to pay little to no maintenance expenses, • Leases protect from depreciation over time.

  7. Financials – Initial Payment • When you first lease a car,the initial payment usually includes: • first month’s payment, • down payment, • refundable security deposit, • and registration fees.

  8. Financials – Monthly Payment • Monthly payments account for the car’s depreciation plus interest and taxes. • Monthly payments are typically lower than car loans: • Average monthly lease payment: $418 • Average monthly loan payment: $468.

  9. Financials - Duration • The duration of a lease determines how much it costs and for how long you posses the car. • Typical leases last 3 years. • With most dealers, you can negotiate contract length.

  10. Financials – End of Contract • What happens when your contract is up and you return the car? • The dealership takes the car back, • It assesses additional fees such as excessive mileage or major depreciation, • You are free to lease or purchase a new vehicle!

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