What You Need to Consider before Leasing a Maserati
Driving a Maserati is an experience unlike any other. A Maserati embodies the perfect amalgamation of performance and style to give drivers the feeling of ultimate luxury, and many who test drive a vehicle decide they need one to call their own. Luckily, there are a number of different routes to getting your hands on one, from purchasing new or pre-owned to leasing. Leasing a Maserati has a number of benefits, although there are also some important points that you need to consider beforehand. Some key points to know about leasing a Maserati include the following:
1. Upfront costs of leasing are low, and lease payments are usually less than monthly loan payments.
When purchasing a Maserati, everyone will face the same base charges, including taxes, registration, and other fees involved with getting the car on the road. For a lease, you will typically pay the first month’s lease fee before leaving the lot, whereas a loan will involve a down payment. This amount varies depending on the individual situation, so purchasing a Maserati could involve significantly more upfront costs than leasing.
When it comes to monthly payments, lease fees are almost always lower than a monthly loan payment. With a loan, you will need to pay off the entire cost of the vehicle, as well as interest and other fees and finance charges. A lease, however, involves paying only for the depreciation of the vehicle during the lease term, along with interest charges, which are known as rent fees. Thus, even with very low interest on a loan, leases still typically cost less than monthly financing payments.
2. Leasing a vehicle means that individuals do not own it outright.
Perhaps the biggest difference between leasing and purchasing a vehicle has to do with ownership. With a purchase, you will own the vehicle and can keep it as long as you wish. A lease requires that you return the vehicle at the end of the contract (although it is possible to organize a purchase at this time if you decide to keep the car). In this sense, leases come with greater flexibility. Plus, returning the Maserati is much easier than selling or trading it in should you choose to get a different vehicle at the end of the lease period. A typical lease period lasts for two or four years, and lessees will need to figure out what they want to do at the end of that period. Most lease agreements have early termination fees to discourage lessees from returning the car early and breaking the contract.
3. A leased Maserati needs to be returned in an agreed-upon condition.
Those who decide to lease need to pay special attention to the terms of the agreement since it will dictate in what manner the Maserati needs to be returned. These contracts often put a cap on mileage at 12,000 to 15,000 miles per year, although you can negotiate higher limits if you know you will need them. Though you can go over these limits, you will need to pay a penalty when you return the vehicle. This penalty relates to the lessened value of the vehicle due to higher mileage. (This is something that owners must also contend with since more use translates to lower resale or trade-in values.)
Lessees are also responsible for excessive wear and tear of the vehicle for the same reason. The other part of this point deals with customization. While you can customize your leased vehicle as much as you wish, you will need to return the Maserati to stock condition when you return the car, so modifications can’t be permanent.
4. Leasing provides protection against depreciation, as well as potential tax benefits.
One of the biggest reasons that people choose to lease a Maserati is the protection that leasing provides against depreciation. The fair market value of any vehicle begins to fall quickly as soon as the car is driven off the lot. However, a lease is designed to have customers pay only for this depreciation with their monthly payments, so they are not actually losing out on money in the same way as outright owners. In terms of taxes, leases often come with different rules than purchases. When you buy a vehicle, the sales tax is due immediately, so it is often simply rolled into the financing that you get to cover the purchase. In most states, however, lessees only pay tax based on the monthly lease payments. Furthermore, individuals who use their Maserati for business purposes may be able to deduct a portion of the monthly lease payment from their taxes.