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Car Lease FAQ
Leasing a car is an incredibly attractive option to some drivers. Leasing often lowers your monthly payment, gets you access to a car you might not otherwise be able to afford, and keeps you from having to commit to a vehicle for more than a few years. It can, however, be foreign to drivers who have never leased before. To ease your concerns, we’ve answered some frequently asked questions about leasing for you.
How long are lease terms?
The term (or length) of your lease is negotiable when you lease here at Paradise Ford. Typically, drivers choose to lease for 24, 36, 48, or 60 months. Your lease will also have language about what happens if you want to turn your car in early.
What are mileage caps?
This also depends on your specific lease terms. Leases with greater yearly mileage caps will be a bit more expensive, but they typically come in 10,000, 12,000, or 15,000 miles per year. If you exceed this limit, you will pay an agreed upon amount per extra mile driven.
How much will I save?
Buying and leasing both have their financial benefits, but it is possible that you will save money by leasing, especially if you don’t hold on to a new car for more than five or six years anyway. With leasing, you will have a lower amount due at signing and lower monthly payments. You will also likely have fewer maintenance issues, as you will only be driving the car in its first few years. Plus, scheduled maintenance like oil changes are on us!
What happens when the lease is up?
By no means does your lease need to be in perfect condition when you return it; our team will discuss with you the condition it should be in when the lease expires. Ending the lease is easy — just bring it to Paradise Ford to turn it in, and we can talk to you about a new lease and get you on your way.