That’s right: Millennials are still choosing to lease over most other forms of auto buying. Even though area Ford dealers offer great options for new cars and certified pre owned vehicles, it seems that leasing is still the primary way Millennials are getting — and staying — on the road. But why is it so popular?
The costs are reliable
With a lease, you’ll never get hit with unexpected payments or surprise repair costs. Most leases offer free maintenance and oil changes for the first couple of years with a set cost due at the same time each month, making the payment more like renting Netflix than fixing your TV every few months. Millennials grew up during a time of financial uncertainty; the consistency and reliability of a lease makes it a no-brainer for the conservative spender.
Leases are new
Millennials are still blown away by the new safety features and tech available on new leases. Instead of buying a new car, they’re able to get all the perks for a low monthly rate, whether they’re looking at Ford trucks or more eco-friendly car lease deals, like the Ford Focus. Because the car is brand new, Millennials are driving their cars during their most trouble-free years. If any problems should come up, your Ford service center will be happy to bring it back up to standard.
Millennials are used to renting
Millennials have taken their time treading into the car market, and for good reason: the financial bust of 2008 left most people reeling, especially the impressionable Millennial generation. As such, they’re unwilling to commit to long-term purchases. With area Ford dealers offering car lease deals for Ford trucks, Ford Escapes, and hundreds of other models, Millennials are drawn by the aspect of renting. After all, most of them are currently renting in nearly every aspect of their life; they’re renting Netflix, renting homes and apartments, renting phone lines. Moving on to renting cars just makes sense.
You don’t need to worry about selling it
A car isn’t built to last forever; one of the worst parts about owning a car is having to sell it once it’s on its last legs. But with a lease, you get a brand new one after the lease is up, guaranteeing you a new car for as long as you want for an affordable price. Selling a car is a hassle and you usually end up spending more on repairs than you get back after you sell it. A new lease will keep you safe and guarantee you get the latest in technology and fuel efficiency.
Millennials are just some of the individuals who are opting to lease their Ford trucks over buying them. Luckily, auto sales reached a 10-year high in 2016 when a record 88 million vehicles were sold. Though there are pros and cons to any type of car purchase, it’s obvious why leasing has become the leading option in this age group.