Leasing Under 12 Months
It’s possible that you need a car for even less than 12 months. Sometimes you might only be in the area for a few months. When you’re in a situation where you only need a vehicle for something like 6-10 months, leasing probably isn’t the best option for you. The cost of having a lease for that short of a time frame would be far higher than if you were to rent a vehicle. In situation, it’s recommended to look at a long-term rental instead.
Leasing For 12+ Months
If you need a lease that is longer than 12 months, your best option might be to actually take a 24 month lease and pay off your remaining payments after you’re done with it. As you can see from this chart, the cost between having a 2 year lease and renting for 2 years is significantly different.
Let’s say for example your 2-year lease cost is $8,183.28.
- Monthly Payments would be $340.97
- If you have the car for 14 months, you’re paying a total of $4773.58 over the 14 months
- This means you’re paying only $3,409.70 to pay out your lease
Now let’s say you rent a comparable vehicle for 11 months which costs $8,629.
- Monthly Payments would be $784.46
- Having the car for 14 months would cost a total of $10,982.44