There is no one-size-fits-all option when it comes to shopping for a new car and many people get stuck between the choice of whether to finance or lease their new vehicle. It should come down to your personal financial situation and personal preferences. Some people like the flexibility of upgrading their car for the latest safety features without breaking the bank.

Whatever your choice, it’s best to do some research before jumping in. Lease terms can start at 24 months and go as long as 60 months. While longer terms are available, they’re not the best option. People lease automobiles for numerous reasons, such as a lower down payment and lower monthly payments. This allows drivers to acquire a car they otherwise may not be able to afford. For example, you could lease a $45,000 car for 36 months with a down payment of $2,500 and monthly payments of $350. If you were to finance that same vehicle, you may be required to make a $5,000 down payment and make monthly payments of $600 for that same car. The affordability factor makes leasing a more favorable option than financing.

Let’s take a look at some other options that make leasing a vehicle a more favorable option than financing a vehicle:

1. Upgrading to newer models
You’re constantly driving a new car. Leasing a car allows you to drive a new car every two to three years, if you want. This gives you the opportunity to try the latest technology features on a variety of manufacturers.

2. No major maintenance costs
You won’t have any major maintenance cost. Oftentimes, maintenance costs are included in the lease agreement. During the time of the lease, the car is still under warranty. This alleviates you having to spend an astronomical amount of money for maintenance and repair costs. You may have to foot the bill for the occasional oil change, but that pales in comparison to major maintenance.

3. Tax benefits
There are possible tax benefits. If you’re going to use the automobile for business purposes, you can usually write off the entire amount of the lease payments. Of course, you would need to consult with your tax adviser on tax matters. The tax write-off alone could save you thousands of dollars.

4. Easy returns
You can dump it when you’re done. That’s right, when you are done, you can simply return the vehicle. Naturally, you might need another vehicle; this is where the ambitious salesperson will entice you to lease another new car. The good news is, you do not have to buy the same brand of car again. Leasing a car gives you the flexibility to try different makes and models of vehicles.

There are some downsides to leasing a car. When considering to lease a car, mileage is a huge factor. If you are a road warrior who loves to take the scenic route, leasing a car could be detrimental to your wallet. If you have to break the lease for any reason, there is an early termination fee that could cost you thousands.

Leasing a car could be a better way for you to experience car ownership and could be an excellent way for you to drive a car that you may not ordinarily be able to afford.