How does leasing a car work?

Betsey Muehlbach: When you lease a car its more like renting the car. You usually have the car for a 3 year lease and when your 3 years is up you can trade it in for something else (with no down payment) or take the pay off option for your current car.Now as for insurance u will be paying full insurance because the car will still belong to the bank/dealer, the maintenance is paid for by the dealer because the car will be under warranty but u cant do anything custom to the car because it doesnt actually belong to you as it would if you were buying it..... Yes there will be a car note and the upfront fee is still similar to buying a car.......Show more

Melvin Nakama: once you are the style of man or woman that likes to purchase a automobile, pay it off, after whichchronic it for years, then leasing isn't for you. whether, there are different human beings, like me (been leasing all my automobiles for over 2 an prolonged time), who like a clean automobile each 3 years, ! shield my automobiles, power approximately 15,000 miles a year, like a automobile it relatively is often under guarantee, do in comparison to used automobile hassles, and don't have an emotional attachment to possession. once you hire, you basically pay for the depreciation of the automobile, no longer the full fee. it rather is why hire money are approximately 50% below comparable own loan money. what's many times ignored via people who purchase automobiles with a private loan is that the automobile depreciates the comparable volume as a leased automobile, and which you haven't any longer something to tutor for that quantity of money, in basic terms like with a hire. the only possession fairness you have on the tip of a private loan is the (approximate) 50% of the automobile's unique fee, which you paid with larger money. You lose the comparable volume of money (in case you sell or commerce on the tip of your very own loan) because of the fact the guy who leased the compar! able automobile for the comparable volume of time....Show more!

Virgil Loatman: When you buy, the car is yours to do as you please, and when paid off it belongs to you.When you lease, you rent miles. If you go over, you pay. At the end of the lease if you haven't gone over on miles and have to damage other that normal wear and tear, you can buy the car at what it's worth at the end of the lease, return in and walk away, or return it and lease another.