How does it work? —Car Leasing
November 22nd, 2009
By: MJ
As with renting apartments, fixed periods come with leasing a car. Typically, the time period is 2-3 years. For the length of the contract, you’re obligated to pay monthly. A security deposit will have to be paid at the lease inception to pay for any damages to the vehicle once it is returned.
The thing with leasing cars is flexibility. Customers don’t have to worry about making a long term commitment since they can just bring the car back and walk away when the contract is over. Also, since it’s just a rented car, it’s none of your concern if the car depreciates in value since you paid for it anyway. Doing this makes it easy to switch to newer car models every few years.