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00:00 Thinking of leasing a car, well, the first thing to know is that car leases are unlike any other
00:05 kind of rental agreement. Since new cars lose value so fast, dealerships will want you to pay
00:11 up to 40 or 50 percent of the car's total value just to have it for the first three years. And
00:17 that money is considered a loan, so you'll pay interest on it just like any other car loan.
00:22 There are a lot of restrictions as well. Most lease agreements have mileage limits,
00:26 usually between $12,000 to $15,000 per year. You also have to return the car exactly as you
00:32 received it, so no upgrades or modifications. And forget about changing your mind. Lease agreements
00:37 are notoriously hard to get out of, often requiring you to pay off the entire remaining balance all
00:44 at once. So if you have a car in working order, take good care of it and drive it for as long as
00:49 you can. And if you're in the market for a vehicle, saving up and buying it outright, or even with a
00:54 car loan usually makes more financial sense than leasing. Thinking of leasing a car, well...
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