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Leasing affords the customer a low monthly payment and the ability to upgrade to a new model in three years. The downside of leasing is that the terms can be confusing.
With a leased car, you will be responsible for carrying higher mandatory levels of insurance, maintaining the vehicle, and performing necessary repairs, which makes it important to check if your vehicle will have a warranty to avoid high repair bills.
Every new car comes with several warranties, including a bumper-to-bumper factory warranty backed by the manufacturer. A new car warranty will be in effect for a minimum of 3 years or 36,000 miles and cover all repairs to the vehicle except wear such as worn brake pads and tires. You will also need to pay for maintenance like oil changes during this time. Some manufacturers have even longer warranties. Along with the valuable bumper-to-bumper warranty, you will also have a powertrain warranty that kicks in when the factory warranty runs out. This warranty covers repairs for all moving parts of the car: the engine, suspension, and transmission.
Today about 25 percent of leases are for more than 3 years and roughly 40 percent of drivers go over the standard mileage limit. This means It is highly likely that the manufacturer’s warranty will expire during the lease making you responsible for any repairs.
Once the bumper-to-bumper warranty is up, you will be responsible for repairs that aren’t covered by the powertrain warranty. You should also keep in mind that you do not own the car. It’s just a lease, and it might be a good idea to pay for an extended warranty for unexpected repairs that must be done upon termination of the lease.
There are shorter term Service Contracts available to keep you protected. You may also want to buy a warranty if you are leasing a used car with no warranty remaining.
If you’re thinking about leasing a car but don’t know where to start, get in touch with us. We can help you find the most convenient coverage options you’re looking for.
Call 866 BUYVSC-0 (866-289-8720) speak with one of our friendly and knowledgeable representatives
