The Rolls Royce is probably most known for being a status symbol of the rich and famous. The brand is mentioned a lot in hip hop circles, at least. If you are a fan of the vehicle, you could take out a Rolls Royce lease. The question is would it be worth it for you?
What is a Rolls Royce Lease?
A Rolls Royce lease is a rental agreement between you and the “lessor.” A lessor is the company that owns or is planning to buy the car. The lease will have a specific timeframe for how long you can drive the Rolls Royce. This period is typically between 2-4 years.
Fees and Payments
After paying the upfront fee, you must make monthly payments to continue the Rolls Royce lease. You are renting the Rolls Royce, after all. On top of those required payments, you may encounter additional fees if you get into trouble while having the car. These fees can be due to:
- Any damage that the Rolls Royce receives on your part
- You miss a monthly payment
- Getting out of the Rolls Royce lease early
Pros of Leasing a Rolls Royce
- Lease payments are usually lower than monthly loans to purchase a Rolls Royce.
- Leases may also have a smaller down payment than trying to purchase with a loan.
- The manufacturer’s warranty will more than likely cover the car
Cons of Leasing a Rolls Royce
- There are a lot of potential fees and penalties that could add up to more than actually purchasing the Rolls Royce.
- While leasing a Rolls Royce, you are on an allotted amount of miles per year (usually 10,000-15,000)
- Leasing the Rolls Royce for many years may ultimately cost more than buying and keeping one (even if you don’t face any penalties)
- Paying for the deprecation at the beginning of a car’s life is a waste
- You can’t take the Rolls Royce with you if you move out of the area
- The lessor will probably charge a fee if you want to break the lease early
The Rolls Royce brand always seems to be upping its game. That’s likely why the car is known as a vehicle for the rich and famous. Leasing may be a good option if you want to see what the Rolls Royce is like for yourself without breaking the bank.
Adam Nagoshiner had an accounting and business management background when he started with Amazon Leasing. Those skills and his vast knowledge of exotic cars puts him at the helm of managing the customer base and massive lease portfolios.