With the existing state of the global economy, all-important purchase decisions have held off until we see better days. The rise in inflation worldwide is one culprit that has continuously pushed the envelope on commodity prices. We’re seeing an unprecedented economic situation where the costs of living rise, but paychecks refuse to keep pace.
And no industry has been hit harder with the drawbacks than the automotive industry. Manufacturers globally are struggling to meet sales targets and, in turn, profit margins, leading to more inventory on stock than its forecasted demand. All of it is expected, however.
During the pandemic, interest rates plummeted to persuade people to buy everything and anything. Stimulus checks provided the majority of Americans with the money to go out and shop, whereas subsidies on various sectors ensured costs remained low. Now, in a post-pandemic climate, the economy is recuperating to its original state, and getting there is trickier for the OEM (Original Equipment Manufacturer) and the consumer.
Making an Automotive Purchase Decision
Taking a look at the recent automobile sales numbers paints a clear picture. Earlier in the year, car and light truck sales were expected to fall 24%, with the average income of a new vehicle buyer in the U.S. being $124,000. With inflation on the rise, sales numbers are expected to get worse.
But economic inflation is only part of the puzzle. During the pandemic, manufacturing slowed globally, which made sense at the time, as restrictions on corporate and the industrial sector around the world to a halt. When outputs finally picked up, the supply chain reared its ugly head and has yet to scuttle to the back benches.
The supply chain issues were largely felt by the microchip manufacturing industry. OEMs came knocking for newer computer chips, and outputs couldn’t keep pace with the demand. Cars, which feature more electronic gadgetry and computing power than ever before, felt the brunt of the chip shortage.
In such a climate, car purchasing may not be the most sensible option for most people. The second-hand market is not faring any better either, with dealerships pushing the prices on decade-old cars way beyond their original MSRP. Despite how many money-saving guides you read on used cars, chances are, you’re still paying more for the 2010 Chevy Equinox than you would have under ideal financial circumstances.
With such dire constraints on everyone’s wallet, car leasing may be the best option until either inflation cools off, or the chip shortage is mitigated. Let us look at the benefits you’d get if you leased today instead of purchasing a new car:
1: Value for Money
Leasing can be a real treat for the wallet if you are looking to drive off in a new car, and one that may not be within your budget if you purchased it. Monthly payments on car lease can be 30% to 60% lower than ones going towards a purchase.
2: No Reselling Woes
Once your lease is up, you have three options. You can either extend your existing lease, opt for a new lease (with a newer car or model), or quit a lease. Reselling your car or haggling over the price when finding a buyer are issues of the past.
3: Low Maintenance Fees, and Zero Repair Costs
If your lease term is for 36 months or lower, you are covered by manufacturer warranties for the duration of your car ownership. All major repairs are covered by the manufacturer, which gives you peace of mind if you are accident-prone. Lessees can skimp out on maintenance charges too as most manufacturers offer free maintenance for a set number of miles or the first few years of the purchase.
4: Tailor-Made Solutions
Customizability with leases is possible, unlike purchases where you’re locked into a set payment plan or have to shell out the entire amount at once. Buyers have the opportunity to define their lease length and any specifics offered by the dealership.
5: Tax Benefits
If you’re looking to lease a car for business use, lease payments can be written off as a tax deduction. And even if you don’t intend to use the car for business, most states only tax the “usage” part of the lease. It helps save a few hundred dollars compared to buying a car outright and paying the full tax amount.
Finding Leases Online
Ever since online vehicle orders became the norm, most operations have moved to the internet. It includes car lease services too. Most platforms today offer consumers the option to avail of a new lease or swap their existing one for another completely online.
An auto lease takeover website like Quitalease.com is the go-to place where potential lessees can view a selection of leases or opt to take over an ongoing lease from a willing party or person. Quitalease functions as an online lease matchmaking service where potential lessees can customize their plans, car make and model, and lease tenure and begin searching in their vicinity for a good deal.
But where Quitalease stands out from the rest is its ability to help lessees swap their current lease for another. The business model is simple all lessees need to do is to make an account on the website, enter the details of their current lease, and search for interested parties to trade leases. Quitalease also features some of the hottest car lease deals available in your region on the main page.
Users have the option to either take over an existing car lease, a new lease entirely, or quit theirs for another. This swapping of leases makes the process for the end-consumer much simpler, instead of the alternative where dealership fees and hidden costs run rampant on a new lease. Quitalease pricing is transparent and easily accessible on the site too.
How Does Quitalease Work?
Getting started on Quitalease is a simple four-step process:
Step 1: Posting an advertisement on Quitalease
New users of the site are recommended to create an account and post an advertisement detailing their existing car lease. The more detailed the ad, the better your chances of finding more buyers.
Step 2: Reply to any incoming offers
All offers sent to your advertisement can be found in the Quitalease mailbox. Pick the buyer you find most suitable for the transfer of the lease.
Step 3: Initiate the transfer of your lease
The lease purchaser will submit a credit application with the leasing company. During this time, the purchaser’s eligibility is checked and if the application is approved, lease transfer documents are sent to both the lease purchaser and seller.
Step 4: Complete the lease transfer
The signed documents are then sent to the leasing company, and the new lessee is now responsible for the payments on their car.
Instead of an outright purchase, we recommend you use Quitalease to find the best auto lease deals in the USA today. With the state of the current automobile and economic market, a car lease seems like the most sensible option for most people. Not only will you be saving on important personal cash reserves, but as we mentioned earlier, you reap the full benefits of a personalized car lease as well.
