You may know that auto leasing is an alternative to outright purchasing a new vehicle. However, you may not understand precisely how it works. Although some assume it is similar to renting a car for an extended period, leases are different. Here’s a brief overview of car leases and what you can expect.
Auto Leases Explained
When you decide to lease a vehicle, you’ll have possession of the car for a set period. Each lease will be different, but most last up to two years. Each payment goes towards the use of the vehicle rather than the purchase price. This means you’re never working to pay off the balance of the loan, but you’ll also never own the car outright during the terms of the lease agreement.
How Leases Work
When you decide to lease a car, you’ll work with a leasing agent to find the right make and model vehicle for your needs. Once you pick the car, they’ll explain the terms of the lease, any mileage restrictions, and outline what you need to do to take care of the vehicle without violating the terms of your agreement. You’ll be expected to pay a financing fee up front and continue monthly lease payments. Since the new car is still under warranty, you’ll only need to pay for routine repairs and maintenance costs as specified in the agreement. When your contract ends, you’ll be expected to return the car to the leasing agent, and your monthly payment obligations will be over.
Why Get a Lease?
Auto leasing allows you to drive new cars without assuming the liability of depreciation or forcing you to worry about the vehicle’s warranty expiring. This makes leases ideal for drivers who want to have access to the latest and greatest models without having to resell them once they’re ready to switch to a new model.
If you’re looking to lease a new car, contact Fancy Auto Leasing in Stamford, CT. Their experienced leasing agents will help you find the perfect car for your needs with affordable monthly payments and minimal hassle. Like them on Facebook and call (732) 485-1010 to speak with a member of their staff and start the auto leasing process today.