There’s no getting around it: if you want to be able to get around reliably, you’re going to need to furnish your own transportation. And if you’re in between vehicles, you’re probably dreading the thought of having to go shopping for a new one.
Well, there is a way around all of the hassle.
Instead of buying new or used, you can always lease a van for your business or personal use instead. You may have even considered it already. But what you may not have considered are these lesser-known perks to leasing instead of buying.
1. Get the Latest Vehicles at a Fraction of the Price
One of the biggest perks is that when leasing, you can often have access to newer, more fully-loaded models than you might be able to afford otherwise. This can mean getting all kinds of novel features and creature comforts in the deal, but it also means fewer headaches down the road.
Cars and vans for lease tend to be late-models still in their prime. Aside from having less wear-and-tear that can lead to breakdowns, you should be able to take advantage of the manufacturer’s warranty if something ever does go wrong. Depending on how extensive the coverage, you could even get free oil changes and routine maintenance in the deal.
2. Greater Flexibility Over Buying
If you buy a new or used van outright, you’re effectively committed to that vehicle for at least several years. In order to make the investment worthwhile, many owners end up sticking with their vehicles well past the point of reliability.
By contrast, leases tend to be much shorter engagements, with 12-24 months being the norm. This gives you some flexibility, as at the end of your agreement you can usually opt to either extend your existing arrangement or sign a new lease and upgrade to a more current model.
3. If You’re Using Your Van for Business, You May Be Able to Claim the Entire Cost of the Lease
If you opt to lease a van for business use, you could be eligible for a significant tax break.
In the context of leasing a van for commercial use, the IRS allows you to either claim the standard mileage rate as you would for any business vehicle, or claim the actual cost (i.e. the cost of your lease payments) on your taxes.
Lease a Van Instead of Buying
When you’re on the lookout for a new vehicle, you want to keep your options as open as possible. And if you opt to lease a van instead of buying one outright, you’ll have that much more flexibility, both in the quality of the vehicles you can choose from and how you finance it.
And naturally, a lot of these same perks carry over if you choose to lease a car instead of a van. Newer models, financial wiggle room, and substantial tax benefits can become available to you.
And as always, for more tips on everything automotive, be sure to keep up with the latest from You Fix Cars.