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- How much you can drive, stated as annual miles (excess miles are charged at a specified rate)
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- Types of damage that you may be liable for at the end of your lease
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- The procedures and costs when you return the vehicle at the end of your lease
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Easy to upgrade to the newest vehicle model every few years if you would like to be modern and comfortable
Leasing a vehicle is essentially entering into a long term rental agreement for that vehicle. Unlike a traditional car purchase, you don’t actually own the vehicle. Instead, a leasing company purchases the vehicle from the dealer on your behalf and then you make monthly payments to the leasing company for the duration of your lease. Some leases however, do provide the option to purchase the vehicle at the end of the lease.
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Lease contracts are a commitment and ending them early can be difficult and expensive so it is important to consider your circumstances carefully before you decide.
Depending on your circumstances and what is important to you, a lease could be a great option for your next vehicle. Below are some important factors that may influence your decision.
Monthly payments on leases are generally 20% - 30% cheaper than loans
You may be eligible for a tax break if you use the leased vehicle for business purposes
Easy to upgrade to the newest vehicle model every few years
There are often fees charged if you drive more than your lease's mileage allowance