You’ve had your eye on that new car for a while now, and you’re ready to take steps to make it yours. It has all the newest technology, most advanced safety features, and enough room to haul the kids and cargo. But now you’re faced with a decision: should you lease or finance the vehicle? Both have their advantages. If you like the thought of swapping vehicles often for the newest models, then leasing might be the right choice for you. How does a car lease work? Follow Carnamic’s car leasing guide to learn more!
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Car Leasing 101
A car lease is an agreement between us, the dealership, and you, the lessee. You pay an agreed monthly payment in order to drive the vehicle – almost like a rental agreement. Instead of paying toward ownership of the vehicle, you’re essentially paying toward the estimated depreciation. So what’s the advantage of leasing? When you choose to lease, you don’t need to worry about a loan. A lease has a set term (usually between 2-5 years) which means that you drive your vehicle of choice for that amount of time. Once the term is up, you have the option to trade in for a brand new vehicle. That gives you access to all the latest and greatest developments and allows you to try out a vehicle that might not otherwise be in your budget. However, leases will have other terms and conditions, like mileage limits or fees for excessive wear and tear.
What happens when a lease is over?
Once your lease term comes to an end, you have a few options. Return your vehicle to us, trade it in for a new one, or purchase your lease. If you choose to return your lease, you’ll bring your vehicle back to Carnamic. We’ll perform an inspection and you can simply walk away. Of course, you can also choose to trade in your lease for a brand new vehicle. If you fall in love with your leased vehicle, you have the option to purchase or finance the remaining value. What you choose is up to you!
Find New Vehicles Today at Carnamic
Learn more about our leasing options at Carnamic! We can find the right lease terms for you, then help you choose your favorite vehicle off of one of our lots. If you decide that leasing isn’t right for you, you can also explore our financing options. Visit a Bay Area Carnamic location today to get started.
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