What are the advantages of an auto lease over a purchase?
There are many advantages to auto leasing compared to buying. First, an auto lease allows you to drive a more expensive vehicle for the same monthly payment as a lesser vehicle would on a purchase. Second, Gap Insurance is automatically included in the state of Texas. This means, if something happens to the vehicle, like a wreck where the vehicle is totaled while you are leasing it, it’s paid for. No matter what you owe, or what it’s appraised for after the wreck. Gap insurance pays the difference. When you buy a vehicle, you own nothing but an obligation to pay for it all the way to the end regardless of whether something happens or not. Yes, full coverage insurance will pay the market value of the vehicle, but whatever you owe over that is your responsibility. When you lease a vehicle, you own options at the end. These options include; giving the vehicle back and walking away. Keeping the vehicle and paying out the residual, which the bank will usually finance happily. Lastly, you ca
