How To Lease A Car

Many people prefer leasing to buying because it allows them to drive a new car for less money. Leasing is fundamentally different from buying a new car. When you lease a car you are responsible for paying the depreciation between the purchase price and the value the manufacturer is willing to buy the car back for at the end of the lease.

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When you lease a car you make a small down payment typically less than 20 of the car s retail price and then make smaller monthly payments until the term of the lease is up.

How to lease a car. Leasing can get you into a higher priced car for a lower payment but be wary that you are not overextending your finances to do so financing a car. Even so leasing remains an attractive alternative to buying a new vehicle for many motorists. Some of the sweetest car lease deals have dried up especially since automakers began offering zero percent and low rate financing to entice buyers. It s similar to renting an apartment instead of buying a house.

Leasing a car gives you a vehicle to drive for a fixed number of miles and months. Car leasing is really just like a car rental but for a longer time period and with some extra fees. This fee is charged by the leasing company to cover the expense of cleaning up and selling the car after you return it at the end of the lease. To lease a car you simply make a small down payment less than the typical 20 of a car s value you d pay to buy followed by monthly payments for the term of the lease.

There is less long term commitment involved. If you lease the vehicle for a period of three years and the car s estimated value at the end of the lease is 15 000 your lease payments are based on the 10 000 variance in value. Half of all luxury cars are still leased as are more than 20 percent of vehicles in general. Once i decided to lease a car i became obsessed with understanding how a car lease actually works.

Most charge between 300 and 400. How does leasing a car work. There are both drawbacks and advantages to leasing. Unlike financing to own a car leasing a car allows you to drive a new vehicle for a period of time often two to four years and for a monthly payment that s typically less than a finance payment.

A car lease lets you drive a new vehicle without paying a large sum of cash or taking out a loan. When the term is up you hand the keys and the car back to the dealer. When the term expires you return the car.