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What is car leasing ?

You have two options if you want to get a car, you can buy or lease one. In each option, there are certain advantages and disadvantages. However, for those who do not have the money to get a car right away, leasing would be the best option.

Leasing a car is paying for the right to use it in a certain amount of time, often for three years. You just return the car after your three years is up or you can trade it for a different model. You are not dealing with the owner of the car when you lease, the car dealer or a bank purchases a car and leases it to somebody who needs a car.

You are not buying a car when you lease it, so the monthly payment will likely be small. In fact, for three years, the total payment would only be half of the total price of the car when bought. This is because leased car price is higher than cars for sale.

You have very little upkeep expenses when you lease a car as many leasing companies give a three-year warranty. In addition, there is less tax in leasing a car for business purposes. The main disadvantage in leasing a car is that you are stuck in the same car model for three whole years. You will incur penalties if you decide to end the lease early.

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