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What it Means to Lease A Vehicle

One-third of car “sales” are car leasing contracts. That is a big chunk of the automotive pie, especially considering you don’t own the vehicle at any time during that lease agreement.

Leasing a vehicle is an alternative to buying a car outright, and it is essentially a long-term rental. The terms for a lease agreement usually range between three to five years.

What does it mean to agree to an auto lease, and how does that differ from buying a car?

This mini-guide will explain what it means to lease a vehicle and why it might be the right option.

Pros of Car Leasing

Apparent from a large number of overall car sales being lease agreements, there are a lot of reasons why you should consider taking out an auto lease instead of buying a vehicle.

Here are the pros that accompany leasing a car:

Drive in Style+

Lower Down Payment Required+

Lower Monthly Payment+

Leased Cars Remain Under Warranty+

Cons of Car Leasing

While there are plenty of positive aspects of leasing a car, there are also cons to car leasing. As with anything, your situation will ultimately dictate the decision that is optimal for you.

Here are some of the less-glamourous aspects of leasing a car to help you make an informed decision:

More Insurance+

Mileage Allowance+

Upfront and Other Fees+

Can You Ever Own the Car after Leasing a Vehicle?

Yes, there is a lease agreement option that exists, which will allow you to buy the car at the end of the agreement.

Here are the details on the different types of standard car leasing agreements:

Purchase Option Agreement+

Closed-End Lease+

Single Payment Lease+