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I’m sure you’ve heard the term ‘lease’ before when it comes to buying a car, but do you actually know what all it entails? Many don’t even consider it when purchasing a vehicle, because they’re not sure what it is and if it’s a good fit for them. Well you are in luck, today I’m going to give you the jist of how an auto lease works!
Define auto lease…
An auto lease is basically an agreement between you and the leasing company that says you may drive the vehicle as you make monthly payments.
How long does an average lease last?
A typical lease lasts somewhere between 2-3 years but sometimes a little more. After your lease is up, you return the vehicle, pay your dues, and then you can either purchase the vehicle you were leasing or shop for a new one but you’re not required to do anything more with the vehicle.
Why lease?
Typically people lease vehicles because it gives them the opportunity to drive a new car every couple years. With a new car, typically they require less maintenance and therefore less hassle or stress. Plus, they’re usually still under warranty so it gives you piece of mind that you won’t have to worry about repair costs.
What types of car can I lease? Typically people who lease vehicles, choose to go with new cars because it gives you the biggest bang for your buck, especially since you don’t have to pay off the full price of the vehicle.
Are there cons to leasing a vehicle?
As with anything, there are pros and cons to leasing a car. Like once you lease a vehicle, you have that lease until your term is up, whether you love your vehicle or not. There are ways to get around that, but they require some work and are kind of more stress than you’d ideally want. So just make sure you get the car you love and you won’t have any problems!
That’s the quick cover of how an auto lease works. For more info, check out this article of how an auto lease works!
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