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Category

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