Everyone knows that there are always going to be differences in opinions when it comes to leasing/renting versus owning anything, but particularly when it comes to cars. The major argument is that at the end of a car lease, you walk away with nothing except for the task of finding another vehicle and continued payments. However, the same thing is true when it comes to renting a home, yet the majority of people find that form of renting totally acceptable. The question is why?
The reasons for choosing to rent a car are just as valid as they are for renting a home. Some people don’t know where they will be in the intermediate future in terms of family, so being able to simply turn in a coup in favor of a minivan when kids enter the picture is an attractive feature. That matches up very well with the rental home counterpart where people find it much easier to simply move at the end of a rental period if the family outgrows their rental home. There is also the argument that maintenance is much easier to deal with given the fact that so many dealerships cover a variety of minor service options with their leased vehicles. Again, this parallels the home rental situation where people prefer to leave the repairs to their landlord and not have to hassle with them on their own. In both instances it may be a simple preference to not spend a large chunk of cash that can be used for other things that are higher priorities at the time.
In either instance, you will walk away with nothing to show for all those months of payments, except for the responsibility of finding either another rental or purchasing. So I ask you, the readers:
Why is it apparently ok to rent a home, but not a car if they are so similar?