Job insecurity. If you’re starting a new job or the company you work for is experiencing some instability. Locking yourself in a multi-year car payment may be the wrong move. If you pay your payments on time 99% of the time, that 1% you miss could doom your credit and fees. If you’re not sure you’re going to have the financial stability for the term of the loan, renting long term may be the way to go.
This may not last but right now used car pricing is at its highest level in the history of the automotive industry. With a shortage of new cars entering the market, the value of used cars and skyrocketed. This is great if you’ve got a used car to trade not so great if you just need to buy a car. Many people are holding off on making a multi-year car payment commitment until new car inventory returns and used car pricing begins to return to more normal levels.
Every used car is unique. To this point there are many beautiful looking used cars that are planning on dying rather suddenly within the first few weeks after they leave the Dealer lot. The “Used Car Salesman” trope is a popular one to use when describing a shady salesman. There is some truth to that. Many of the used cars for sale in America have less than stellar repair histories. One of the advantages of renting the car for a few months before buying it, is it removes the risk of committing to a vehicle that may not be with us next year. Driving the vehicle as a rental allows you to familiarize yourself with the gas mileage the car will get when YOU drive it, and test for strange knockings that materialize after the first week.
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