Is your teen in need of a car in high school or college? If so, you may be wondering whether leasing makes sense. Although leases come with pros and cons, they may be a smart choice for a parent who seeks to provide their teen with a dependable car for a temporary period. Below, you can continue to learn more about the pros and cons of leasing a car for your teen.
Pros of Leasing
The greatest advantages of leasing a car for your teen include the following:
- Affordable monthly payments: Purchasing a new or even used car for your teen can be expensive. If you’d like affordable monthly payments, leasing is the way to go. Leasing is particularly appealing for parents who are saving for or paying for their teen’s high school or college expenses and in search of a way to reduce their monthly expenses.
- Fewer upfront costs: In addition to affordable monthly payments, leasing comes with fewer upfront costs. If you cannot afford a high down payment, you’ll be happy to learn that leasing can give you the opportunity to provide your teen with a car with a small down payment or no down payment. You’ll also pay less taxes since you’ll only have to pay tax on the value of the car your teen will actually be using.
- Access to the latest safety and convenience features: It can be expensive to buy a new car with the most up-to-date safety and convenience features. If you’d like to ensure your teen has access to these features without paying a high price, leasing is your best bet.
- Fewer maintenance issues: By leasing a car for your teen, you reduce your risk of having to deal with regular maintenance issues that arise as cars age. Less maintenance issues can also increase safety for your teen and help them feel more confident behind the wheel.
Cons of Leasing
While leasing a car for your teen offers various benefits, it does come with some disadvantages, such as:
- Limits on time and distance: Most leases put limits on time and distance. For instance, your teen’s lease may be for three years and 12,000 miles each year. If they need it for more than three years or drive more than 12,000 miles each year, a lease may be an issue.
- Payment liability: If you happen to lose a job or struggle with finances for any other reason, the dealership may take your teen’s leased car and sell it in an auction. In the event it is sold for less than you owe in the lease agreement, you’ll be liable for paying the difference.
- Wear and tear payments: Once your teen’s lease has come to an end, the auto manufacturer will perform an inspection. If your teen has damaged the car in any way, you’ll be responsible for wear and tear payments.
- Inability to make changes: Since your teen won’t own their leased vehicle, they won’t have the freedom to make changes to it. This may be disappointing to teens who wish to add accessories to the inside or outside of their car.
Contact Our Lawyers For Help After a Crash
Our car accident attorneys serve clients throughout the Chicago area, including Aurora, Elgin, Hinsdale, Joliet, Naperville, and Waukegan. If your teen sustains an injury in a car wreck that was caused by another party’s negligence, reach out to our experienced Chicago injury lawyers at Staver Accident Injury Lawyers, P.C. We may be able to recover compensation for their damages. Call right away for a free consultation.
Recommended Readings:
Teen Driving Laws in Illinois & Hand-Me-Down Car Safety Tips
