The challenge of being a young professional is finding the balance between investing and saving for the future. Both are essential for financial stability but being too eager in one part disrupts the balance. Investing here does not always mean buying stocks. In its most basic form, it is buying capital for future profit. Purchasing insurance plans, an apartment or a car can be forms of investing as well. You are considering how your initial cost will pay for itself in the future.
When you are in the business of building up your assets, you might forget that your income should be put away for emergencies. Buying a new car or upgrading your old one might be on the top of your list after your pay increase, but is it the best option? Getting a new car might force you to either compromise for second-hand units to stay within budget or apply for a car loan to get that new ride. Leasing your car is an excellent way to meet in the middle. It also does things for you in this stage of your life.
It keeps up with appearances
When you look online at websites like https://www.genusleasing.com you will find that there is a good variety of vehicles for lease. You are not limited at all by model or brand. You can find high-end cars without having to pay the full price.
If you are a young professional, even when you are starting out, you must project a specific appearance. Besides being neat, you need to look smart. You need to look like you know what you are doing. Having a decent car adds to your overall image. When dealing with clients who may look down on your age or experience, evening the playing field by having what they have is a good solution.
It does not add unnecessary debt
As a young professional, you may be struggling with student loans; do not add car loans on top. Having complete control over your finances might be tempting but remember that carelessness could lead to combined debt.
Leasing your car means you pay a fixed price monthly, like a subscription, you do not need to deal with any depreciation costs. At the same time, you do not have to pay the full price of your car. You can get a model you wouldn’t be able to pay for otherwise, for a reasonable period. If you find that having a car is too expensive, you do not have to go through the hassle of using it for the sake of making your money back or trying to sell it off.
It allows you to try a good variety before settling down
Leasing your car also allows you to try out different vehicles for an extended period before settling down with your dream model. Buying a car is a significant commitment. There are many procedures that you are advised to do before buying like reading up on safety specs, test driving different model and brands, and inspecting the model in person. Leasing a car allows you to be able to accurately assess whether it is a good fit for your lifestyle or not. If you like the car, you can purchase it as well, by paying the difference.
A young professional must juggle moving upwards without adding baggage. Leasing your car might be one of the things that will help make that happen.
Image: Pixabay.comUpdated Date: 30 August 2018, 23:52