CAR QUESTIONS: Buy or Lease?
PORTLAND (WGME) -- This week CBS 13 and FOX 23 present: Car Questions. We're tackling five topics – one a day – to help you prepare for car buying season, and get your car in top shape as we approach the summer travel season.
Our fourth topic is on leasing vehicles.
Richie Axelsen, owner of Auto Buying Assistant, LLC, says leasing isn’t for everyone, but has perks.
“A lot of people come to me and say ‘I can’t lease. I’m never going to own it,’ but when do you own a car? After six or seven years?” Axelsen said.
The 20-year car sales vet says leasing is good for drivers who don’t put a lot of miles on their car. If you drive 10,000-15,000 miles a year Axelsen says leasing is a good option.
Plus, you get a brand new car every three years.
“During that 3 years, you're going to have maintenance covered,” said Axelsen. “You are making a payment and that's it.”
He adds, “with some manufacturers, they even offer 24 months and 25,000 miles of tire rotations as part of the lease.”
Axelsen says you can negotiate those details as part of your lease agreement.
However, one thing to keep in mind about leasing is that you’ll still have to pay Maine excise tax, which is more expensive with a brand new car.
“If you lease a vehicle or you purchase a new vehicle, it doesn't matter,” Axelsen said. “When you go in to register that vehicle they're going to say 'Can I see the window sticker please?’” and that's what they go off.”