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Leasing Tips
10 Steps to Leasing a New Car
Step 3: How long should your lease be?
From Edmunds.com
Video highlights of this article
It is possible to lease cars for two, three, four or five years. However, the
three-year lease is the best choice for most people. The majority of carmakers
offer three-year basic warranties. If your lease is for three years you will always
be under warranty without paying extra for an extended service contract. Furthermore,
a car really begins to show its age at about three years — right at the time
the lease is expiring. Remember, one of the reasons for leasing is to drive a
new, or nearly new, vehicle on a constant basis. Why would you lease for five
years and be forced to deal with extended warranty fees and higher maintenance
costs? If paying for these items doesn't bother you, maybe you should consider
buying the car.
Of course, everyone wants a low lease payment, and extending the length of the
lease will drop the monthly cost. But extending the lease means you're investing
more and more money into a vehicle that will never be yours. It's better to shop
aggressively for a competitive lease deal and keep the length of the contract
to three years.
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