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The Latest On Leasing

The Latest On LeasingAfter becoming less popular over the last several years, leasing is making a comeback. This is based on the following trends in vehicle leasing:

  • Expanded vehicle types

Today’s leasing programs are covering more types of vehicles, including compact cars. As compact cars and hybrids become more expensive, leasing makes it possible to offer them to a wider range of buyers.

  • Shorter lease terms

Instead of the typical two or three year lease terms offered on cars in the past, terms as short as one year are now being offered. This can bring monthly payments down on a vehicle and make the deal more affordable. But be sure to check the mileage allowed, which is typically a fairly low annual number like 7500 miles.

  • Attractive special rates

Many manufacturers are offering special lease rates to attract customers who would not otherwise consider lease financing. These deals might make the difference for someone considering a vehicle that would not normally be in their price range.

Before you consider a lease, you should be aware of the main differences between leasing and purchase agreements. In a lease, you are agreeing to use and maintain the vehicle for a period of time. After that period of time is over, you return the vehicle and pay any charges based on excessive mileage or other lease deductions. Unlike a purchase agreement, you have no ownership interest in the vehicle.

Some drivers like to lease vehicles because it allows them to drive a vehicle for a period of time, usually two years, and then return the vehicle and lease another, newer vehicle. On the other hand, if you plan to hold on to a vehicle for several years, a lease is not likely to be the best option for you.

At NYE Automotive Group, we have the resources to help you decide on the best lease or purchase plan for your next vehicle. Come in today to take a test drive — and get answers to your questions.

Photo courtesy of Shutterstock.

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