Buy a Car the Web Way
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Leasing a car is similar in nature to renting an apartment: you inhabit it for a set period of time, make monthly payments, incur penalty fees for breaking the contract, and pay for any damage you cause during your occupancy. Essentially, a car lease is a way of paying for a car where a lessee agrees to make payments to the lessor over a specified period of time. At the end of the lease period, you usually have an option to buy the car or to return it to the dealer. Leases can't be terminated prior to the end date without the lessee incurring large costs. In this section we'll direct you to resources covering everything you need to know about leasing a car.
- Not sure whether to buy or lease? Automotive.com has a side-by-side comparison of buying versus leasing with respect to issues of ownership, monthly payments, up-front costs, mileage, and more.
- Lease payments are generated based on a complex equation. Two software programs, which we describe below, analyze lease payments to help you get the best deal. For more information on the complex formulas used to calculate lease payments, check out this breakdown from LeaseGuide.com.
- If you want to end your lease before the contract date but want to avoid the steep fees that typically result, consider trading your lease. A lease trade allows you to transfer your lease to a third party, freeing you of the remainder of your lease obligation. Two prominent Web sites with services that assist you in the lease trade process are Swapalease and LeaseTrader; read more about them below.