How long can you lease a car from a dealership? Although the average lease lasts for 36 months, and 24-month leases are not uncommon, short-term leases of less than two years may require a little extra legwork. For those seeking a six-month lease (or another lease of less than two years), pursuing a long-term rental or executing a car lease takeover may be the best options available. We’d be happy to walk you through your options, and we’ve laid out the basics below!
Leasing is a great way to bring home a new vehicle in exchange for a low monthly payment, but how long should your next lease be? Each of the following options are common with lessees in Philadelphia and Sewell:
Choosing a shorter lease term allows you to maximize your flexibility, especially if you won’t need a car for very long. However, since dealerships rarely offer leases that last for less than two years, you might want to consider the other options that we’ve laid out below before you commit to 24 months.
On the other hand, since the cost of a lease is based on the expected depreciation of the vehicle during the time that it’s in your possession, choosing a longer lease allows you to benefit from the fact that cars tend to depreciate more slowly as they age. That’s another way of saying that most depreciation happens over the first few years. Of course, if you’re going to be keeping the vehicle for five years or more, buying might be a better option at the end of the day.
It is difficult to break a lease without incurring significant fees and penalties, so you should never lease a car for longer than you’ll really need it! But what if you only need a car for a few months or a little over a year? Are short-term leases an option? Dealerships rarely offer new vehicles for extremely short-term leases, but you shouldn’t give up hope just yet.
If you need a car for less than six months, we recommend reaching out to local rental car companies to ask about their rates! Renting for a day is expensive, but cost reductions may be available for those who are renting for longer-than-average periods of time.
If you don’t think a rental is the right fit, the strategy we suggest for slightly longer short-term leases may also work for you.
If renting a car isn’t an option—or you’re going to need the vehicle for more than six months—you might be able to find another driver who is ready to get out of their lease and move onto something new! In these circumstances, you’ll assume responsibility for the existing lease, executing what is usually known as a car lease takeover. Takeovers can vary greatly in terms of length, but options with terms as low as three months are not unheard of. Best of all, takeovers rarely require a down payment—just a small fee.
You’ll take responsibility for the vehicle and handle all the duties that would normally fall to the initial lessee. You’ll also be responsible for returning the vehicle or purchasing it when the term is up. Select your takeovers carefully, since this responsibility also requires you to take care of any fees accrued due to damages or unfulfilled maintenance requirements.
Lease takeovers are often available for drivers near Turnersville and Williamstown, and we may be able to help you find a seller who can set you up with a one-year lease, a six-month lease, or even a three-month lease in some cases. Contact us today to learn more.
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