Who doesn’t wish to drive an exotic car with a great aesthetic appeal? For many people, a car is more than just a means to travel. It’s a status symbol and reveals a lot about a person.
For these reasons, people often try to invest more in getting a good car than they do in the other aspects of their lives. To do so, mostly people choose one of the two common options—rentals and lease.
This blog post will discuss some of the factors you should consider before you make a decision on whether you should rent a car or get it on lease.
Understanding the Difference
Before we compare leasing a car with renting one, it’s important to understand the fundamental difference between the two. When you get a car on lease, you pay the down payment for the car and pay the remaining balance over a certain period of time in the form of monthly installments. Usually, banks and other financing companies charge a profit for leasing your car. It’s a long-term commitment and once you’ve paid all the agreed installments, the car is yours.
In contrast, when you rent a car, you don’t get any ownership of it. You simply have to pay for it as long as you keep it. It can range from one day to a week or even months depending on your need. No matter how long you keep the car and keep paying the rent, eventually, you’ve to return and you don’t have any ownership claims.
Making the Choice
Once you’ve understood the fundamental difference between renting and leasing a car, it’s easier to make a decision. Here are some of the factors you should consider when making a choice.
If you just need a car for the short-term, for instance, you need it to go for a trip, it’s better to rent it instead of adding it to your liabilities. However, if you need one on a daily basis for yourself or your family, then getting it leased is a better option.
Insurance and Maintenance
When you rent a car, you don’t have to worry about its security or insurance as it’s owned by somebody else. Depending on the company you get it from on rent, you may not even have to pay for the maintenance and any repairs. If you feel like the car is causing any trouble, you can simply return it and get a new one. However, when you get a car on a lease, you also have to pay for insurance, maintenance and repairs.
Before you make your decision, make sure to do some quick calculations. Compare the rate of interest with the rental rate and consider the total amount you’ll have to pay for both.
Whether you wish to rent a car, or get it on a lease, reach out to us. At LVC Exotic Rentals, we can make renting or leasing your favorite luxury and exotic cars a stress-free experience. We’re an exotic and luxury car rental Las Vegas service. Reach out to us to find out more.