The minute you leave the dealership, a brand-new Corvette begins to depreciate. Even if you take good care of it, the car will lose a lot of its value over time. By the time you're ready to resell the vehicle or trade it in, it may only be worth a fraction of the amount you initially paid for it. Fortunately, Atlantic City, NJ drivers can eliminate much of that risk by leasing a new Corvette from Ciocca Corvette. Our financing specialists will be pleased to show you how.
Factors That Dictate a Car's Resale Value
When you buy or finance a car, there will eventually be a time when you decide to get something different. Unfortunately, most new vehicles lose up to 50 percent of their value in the first three years of ownership. When people in Baltimore resell their car or trade it in, the amount they get may be at the mercy of the current used car market.
Mileage and condition are inherent factors that reduce a car's resale value, but other dynamics may be at play that are beyond your control. Philadelphia drivers may also see their vehicle's worth decline due to things like factory error, the economy, an accident, the time of year, publicity, technology, and even it's color or equipment.
Preset Residual Value Determined at Beginning of the Lease
Luckily, when our Washington customers lease a car at Ciocca Corvette, the leasing institution is responsible for absorbing all of the depreciation risk except for mileage and condition. That's because a preset ending value is established for the car when the lease contract is written. If the vehicle is worth more than that value at lease end, you can take advantage of the potential profit. If the car is worth less, New York drivers can simply return it at the end of the lease and the leasing institution will bear the loss.
Contact Ciocca Corvette to Learn More
Leasing a car can also mean less worries about repair costs because it will be covered by the original warranty for the duration of the lease. A lease can be a rewarding way for a person in Florida to drive a new Corvette without being concerned about its future resale value. Contact Ciocca Corvette to learn more about our lease plans.