What Is Leasing?

Leasing a Car

With a car lease, you’ll only pay for a portion of the car’s cost over a set number of years specified in your lease agreement. This represents the amount of depreciation the vehicle will experience over the course of the lease. When you lease a car, keep in mind that you’ll have mileage limits, as well as restrictions on wear and tear.

Leasing vs. Buying

When you lease a car instead of buying, you’ll experience the following perks:

• Access to a brand-new car on a more frequent basis, as you can upgrade to the latest models at the end of your lease term.
• Your car remains under warranty for the duration of your time driving it, and also remains covered by roadside assistance.
• Smaller down payment and lower monthly costs than with financing.