GUIDE: What You Need To Know About Buying and Leasing a Car

In most US cities, having a car is a necessity. Dwellworks' Destination Consultants in cities around the world know the ins and outs of every part of selecting a car - from applying for a driver's license to deciding to buy or lease a car - and will go as far as driving a transferee to a dealership or department of motor vehicles to help them through the process.

We're sharing their knowledge here in this blog, but it can also be found in our employee portal "myDwellworks", along with other helpful guides and tips about the moving process - everything from the differences between renting and leasing an apartment, how to set up the proper utilities in a home, and where to find fun things to do and resources in a new city. myDwellworks is the ultimate resource for any employee's relocation. Read our blog here that explains every section of the portal. Information about obtaining a car can be found in the "Local Resources" section.

Important Information to Get Started

If you are moving your employees to the United States from another country, please be aware that it can be difficult for newcomers to obtain financing for a vehicle without a local work and credit history.

Dwellworks' Consultants recommend partnering with an established automobile services provider whose business offers services and solutions specific to assignees moving internationally. Our clients and customers have successfully partnered with International AutoSource (IAS) for many years; IAS offers flexible financing, low-rate insurance, and low prices on a wide selection of vehicle makes and models. Visit their website to learn more.

One of the first decisions you’ll need to make is whether to buy or lease a vehicle. The following information can help you compare the two options:

Buying a car:

• Drivers own the vehicle
• Drivers may or may not have monthly car payments (if you buy outright)
• There may be higher monthly payments (if financing) and higher upfront costs
• There are no mileage limits
• Drivers can sell the car whenever they are ready
• A purchase may come with limited warranty coverage
• There is no need to worry about leasing term requirements for wear and tear
  
  

Leasing a car:

• Drivers use the vehicle for a period of time, but do not own it
• There is always a monthly car payment
• Typically this means lower monthly payments and lower upfront costs
• There are a limited number of miles allowed for the car to travel - any more will cost extra when turning the car in
• Leases are easy to trade in at the end of a contract for a new leased vehicle
• Leases usually include warranty coverage for things like maintenance
• Lease terms will include limitations for wear and tear on the vehicle
  

Registering Your Vehicle

Drivers will need to make sure their vehicle is registered in the state where they reside. Here are 3 things to know about registering a vehicle.

• If a new or used vehicle is purchased from a car dealership, the dealer will coordinate initial vehicle registration, tax, title, and license plates.
• When buying a car from a private individual or importing a car from a home country, the driver is responsible for registering that vehicle.
• Registration is typically renewed on an annual basis.
  

Drivers should also remember they are legally required to purchase an auto insurance plan for any vehicle they lease or own. Dwellworks also stores information about different insurance companies on myDwellworks for any traveling employee to access.

About Dwellworks: 

Dwellworks is the world’s largest provider of destination-related services and temporary living solutions for the globally mobile workforce and business travelers. We provide business-to-business solutions for Fortune 1000 and emerging companies directly and through their relocation management partners. Whether a company needs to relocate its employees across the world or the country, we provide a range of support services to help employees and their families transition successfully from their home location to a new destination. 

Dwellworks operates according to our core values of Integrity, Teamwork, Performance, Innovation, and Fun. These are the root of everything we do – from the Teamwork aspect of sourcing and supporting our helpful local Consultants to assist any relocating employee in hundreds of cities worldwide with their move, to the Integrity of our highly-trained Intercultural experts who are here to help transferees adjust to new cultures and confidently settle into their destination locations, to the Innovation of our myDwellworks technology platform that familiarizes employees on assignment with their destination and enables customized conversations on properties, schools, and situation-specific needs.   

Dwellworks supports the diversity of our clients’ globally mobile workforce with personalized destination solutions in 16 countries, covering major relocation markets. Dwellworks has consistently responded to the mobility services and needs of our global clients. In 2020, Dwellworks launched Dwellworks Living to expand our original portfolio of corporate housing markets into a full-service corporate housing operation, offering alternative accommodations for relocation and business travel customers in 125 countries. Our full-service real estate brokerage, Station Cities, supports home rentals, sales, and purchases in the Tri-State New York area and Chicago. Visit our homepage, learn about our services, and read our blogs to learn how we can help with your relocation and business travel needs.