According to Statista, the percentage of new cars on lease in the United States in the second quarter of 2019 is 30%. The share of leased vehicles is growing steadily since 2018. In addition to this, many car manufacturers, such as Audi, BMW, Ford, Honda, and others, offer car lease deals through their retailers.
Reasons why car leasing is becoming popular
It is cheaper
The monthly payments on a car lease are affordable. A report by Edmunds.com says that car lease payments are 23% lower than financing a car, which makes leasing an attractive option for buyers. Car leasing allows you to drive a luxury car at affordable prices; the same goes for electric vehicles. If you want, you can also have a buyout at the end of the leasing period as well.
You can easily upgrade your car
The duration of a car lease typically lasts for two to four years, depending on the lease contract. For enthusiasts, this means that they can switch vehicles quickly.
Sticking to a budget
Monthly lease payments do not change. So car lessees can easily plan their budget around it. Gap insurance covers the damages to a car. Hence, you don’t have to worry about fines in case your vehicle is damaged or stolen. If you lease a brand new car, the chances of it experiencing mechanical repairs are few. Hence, you can drive a safe and reliable vehicle at low monthly costs.
Variety of vehicles
Car enthusiasts can find lease deals on a range of vehicles. You can rent new and used cars. Since a car’s value depreciates significantly in the first couple of years, leasing a used car costs you less. Moreover, the lease payments on a used car are lower than those for a new car. So if you are planning to save some extra bucks, you can lease a used car.
You can find car lease deals on luxury, sports, and family cars. Many automakers also offer a lease on electric vehicles. Since EV technology is changing at a fast rate, it makes sense to lease an EV for two to three years before the next generation of EVs hit the market. Hence, people have access to a range of vehicles for leasing.
Millennials prefer car leasing
Another reason why car leasing has gained popularity is that millennials prefer to lease a car than buying it. Contrary to previous generations, millennials don’t view car ownership as a status symbol. They prefer renting a car than owning one because it saves the hassle. They can get rid of the vehicle at the end of the leasing period. Moreover, the lease application process is simple. You can apply for it and walk away with a brand new car.
Transfer the car lease
Due to various reasons, you may want to transfer the car lease to someone else. Instead of terminating the contract and incurring hefty fines, you can transfer the car lease. It is the safest option because you can save money and get rid of a car you no longer need. Many websites allow people to get rid of a car lease. However, you have to find someone willing to take over the car lease.
Quitalease – A platform for car enthusiasts
Many people find that they cannot afford to cover the monthly lease payments on a car. Car lessees have a few options, such as defaulting on payments, terminating the contract, and others. These options are not ideal because they can lead to hefty fines and penalties. Moreover, if you default on a payment, it can lead to a bad credit score. It can make it difficult for you to lease a car in the future. Instead, car lessees can conveniently get rid of a vehicle by transferring the lease to someone willing to take a car lease. There are various websites for this; Quitalease is one of them.
Quitalease provides a platform for car lessees who want to get rid of their vehicles. It is a website where car lessee and potential buyers can exchange the lease on a car. For car lease sellers, it allows you to get rid of a car lease without incurring any fines or penalties. For potential buyers, car lease transfer has several benefits. They don’t have to cover a down payment. The only fees that the buyer has to pay are the monthly lease fees.
Another advantage of using Quitalease is that lease sellers can find lease buyers from their area. You don’t have to look far for car lease transfer. For car lease transfer, you need the buyer to belong from the same area, city, or state. Hence, it can get a little tough to find buyers. Quitalease makes it easier for sellers to find buyers.
Buyers can find a variety of cars on the Quitalease website. They can find car lease deals for SUVs, luxury cars, and others. If you can strike a deal with the buyer, they will initiate the car lease transfer process by applying. You will need to provide your credit score report for this process. The application processing takes somewhere from a couple of weeks to a month. If the application is approved, you can walk away with the car. Note that Quitalease is only performing the job of matching lease buyers and sellers.
The first step in car lease transfer is to sign up for Quitalease. After providing the relevant details, you can then proceed to post an advertisement on the Quitalease website. To get a maximum response on your ad, you must give particulars about the vehicle, such as the model, make, lease start date, lease end date, leasing period, etc. In addition to this, provide details regarding the features of the vehicle. It makes it easier for buyers to evaluate whether the car is to their liking or not.
See Also: Lease Seller Tips
When you finalize the agreement, you need to initiate the car lease transfer process. You will need to submit a credit application, your credit score report, and the credit score report of the buyer. If the leasing company approves, the seller and the buyer sign an agreement, officiating that the lease transfer process has taken place.