How Long Is a Car Lease?
If you want a vehicle for a short time in Bedford, Manchester, or Merrimack, you may want to consider leasing one. Still, you may be wondering how long a car lease can be.
We’ll go over lease term lengths in this guide provided by the team at Ira Lexus of Manchester. Read through the information below and feel free to CONTACT US if you have any questions.
CAR LEASE LENGTH
When it comes to leasing an automobile, there are two length terms that you could consider…
A short-term lease is when you have a car for a relatively short period of time. It could be for three months, six months, a year, or maybe even two years. Some dealerships offer short-term leases, but it’s not common.
There are various reasons why someone would opt for a short-term lease. It could be for:
• A temporary job assignment
• Military deployment
• Special family needs
You may also choose a short-term lease if your current one is up and the vehicle you want next isn’t on the market yet.
Then, there’s a long-term lease. This is typically a lease that’s longer than two years. It could be as long as five years, but three to four years is the average length of a lease term.
If someone were to lease a vehicle for that long, you may think they might as well buy it. However, there are benefits to leasing a car vs. buying one. One of the main reasons has to do with monthly payments.
When you LEASE A CAR, you’re only paying for the depreciation rate over a certain length of time. If you were to buy that same car, you’d be paying off the total cost—and that’s why monthly payments for a lease are usually lower than a vehicle purchase.
HOW LONG SHOULD YOU LEASE A VEHICLE?
There are several factors to consider before selecting a short-term or long-term lease.
The first and most obvious question to ask yourself is how long you want the vehicle. If you need it temporarily for any reason we mentioned above, then a short-term lease would suffice. Otherwise, a long-term lease could work well for you.
You may want to get out of lease early—say, if a newer model you want is now available—without paying penalties. In this case, a short-term lease may be a better option.
Furthermore, you might want to consider warranties when you decide on the length of a lease. If a lender is offering a warranty for a specific time period, then that’s how long you might want to lease the car. This way, you can rest assured that any possible repairs would be covered for the duration of a lease term.
LEASE A LEXUS TODAY
As you can see, a car lease can be as long as you’d like—albeit temporarily. How long you want to keep the vehicle is entirely up to you, but we’ll be here to help you make that decision.
CONTACT US at Ira Lexus of Manchester, and we’ll guide you through each step of the leasing process. You’ll be cruising around Bedford, Manchester, and Merrimack in a great new Lexus before you know it.