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Mileage charges: Most short-term car leases come with a mileagelimit. You will be charged an additional fee per mile if you exceed the mileagelimit. As vehicles tend to depreciate rapidly in their early years, short-term lessees can enjoy a new car experience without worrying about the long-term resale value.
A lease buyout occurs when a lessee opts to purchase the vehicle at the end of the lease term. Lessees can either buy the car for this predetermined residual amount or walk away and return the vehicle to the dealer. Understanding this is crucial for lessees considering their options. What is a Lease Buyout?
Lease terms may vary, encompassing mileagelimit, specific vehicle models, geographical locations, employment history, and credit scores. Stay updated on new leasing offers, as limited dealership stock may affect the availability of certain trims. excess mileage or wear and tear) at this point.
Disadvantages of Leasing a Vehicle While leasing has many advantages, there are drawbacks that potential lessees should consider: 1. For further insights on financial decisions related to car ownership, explore our articles on GAP insurance considerations and the importance of financial literacy in car buying.
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