Is Leasing A Car A Good Idea?

June 23, 2014 12:00 PM

Is Leasing A Car A Good Idea?
" When you shop for your new car, you’ll often see enticing deals for attractive lease rates. Restrictions on mileage and maintenance, plus the fact that you never own the car outright and therefore always have a monthly payment, mean that leasing doesn’t work well for many types of buyers.

But that doesn’t mean it’s always a bad idea. There are definitely times when it makes sense to lease a car instead of buying it.

When automakers are confident that their cars have good resale value, they’ll often lower the lease rates and will make back their money when they re-sell the car when the lease expires. Similarly, if you’re uncertain whether the car you want will hold its value, leasing ensures you won’t be stuck trying to trade in a car that no one wants – it locks in what you’ll pay to always be in a fairly new car.

But because you don’t own the car, a lessee must be very careful with the vehicle. You’ll pay for any damage beyond the slightest of scratches when you return your car after a few years, and also for any mileage you accumulate over the specified limit "

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