We know that many drivers can be apprehensive to lease a car because they’re unfamiliar with the process. If you’re wondering, “What does it mean to lease a car?” you’re in luck. We’re addressing all the details at MotorWorld | MileOne Autogroup.
How Does Leasing Work?
When you lease a vehicle, we’ll sit down with you to discuss how long you’ll have the lease, its cost, your mileage allotment, and more. Then, the car is essentially yours until your predetermined term is up. Once your lease ends, you must return your vehicle to our dealership, or you can opt to buy it.
How Much Does a Lease Cost?
A lease’s cost is determined by looking at the vehicle’s current market value and its estimated cost at the end of your lease, which is its residual cost. You’ll make monthly payments to cover the difference of the two, which is also known as the vehicle’s depreciation.
Should I Buy Instead?
Buying is a better option for drivers who put excessive mileage on their vehicle since leasing has restrictions. Also, if you want to work towards paying off a vehicle so you eventually won’t have a car payment (or have equity to use as a trade-in), you should consider buying.
Can You Lease a Used Car?
You can lease a used vehicle, although it can be more difficult. Lessors want to be confident that your vehicle will be reliable throughout the duration of your lease. Oftentimes, it’s easier to lease a Certified Pre-Owned vehicle.
What Does It Mean to Lease a Car? Find Out Here!
You’ll be happy to hear, our leasing process is quick and convenient at MotorWorld | MileOne Autogroup. After answering a few questions, you could be approved for a lease today. Stop in to get started right away!
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Finance