Making Sure Your Vehicle Lease Is not a Disaster

Studies show that leasing is becoming an increasingly popular option among Americans. According to Edmunds, in 2009, just over 15% of new vehicles were leased. That number has steadily climbed, and in 2016, pushed past 30%.

A vehicle lease can present a low monthly payment on a vehicle that may be several grades above what a purchaser might otherwise be able to afford. It can certainly be a smart option for certain drivers, and many people swear by the lease option.

Most buyers understand the basic risks behind leasing a vehicle. Extra costs will be incurred, for example, if the vehicle is driven beyond the mileage in your contract, damage is done to the vehicle or it’s turned in with beyond-normal wear and tear. There are, however, other risk that you may not realize:

In the end, leasing may be a perfectly suitable option for many drivers. It provides a low monthly payment and the option to upgrade and drive a new vehicle every few years. It is important, however, to understand the individual risks that come with each decision.

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