1 Year Car Lease - What You Should Think About Before Signing
A 1 year car lease
is one of many different length leases available to consumers today. It is important to do your research when trying to decided between a car lease or buying a car.
One important considering when leasing a car is estimating the depreciation of the vehicle over your lease term, as this will give you an idea of your monthly lease payment. If the leased vehicle is supposed to drop in value by five thousand dollars, then this total is divided by 12 and would make each monthly payment around four hundred and seventeen dollars. This total doesn't include any taxes, which would be determined by where the car is leased from. Each state has their own set of tax rates.
There are limits set on mileage when leasing a car, which doesn't usually interfere with most people's driving habits. If this limit is passed, there are fees that apply.
For example, if the limit is twelve thousand miles and any extra mile after that is ten cents, then the lessee will pay this times the number of extra miles. If there were two thousand miles past the twelve thousand then this times ten cents would come to a total of two hundred dollars. This amount would be paid at the time the car was turned back in to the dealership.
When the lease is over, the car can be returned or purchased. If it is returned, then there's nothing more for the lessee to do. If the lessee decides to buy the car, then the rest of the value of the car needs to be paid. People who decide to lease a car for only a year often take this shorter term lease because of their living situation.
Some people may have to move to a different place for only a year, due to work or school, and leasing a car makes much more sense then shelling out a lot of money for a new car. Taking a one year car lease is a great option for people who aren't sure if leasing is right for them. It's easier to be locked into a lease for just a year, instead of three to five years.