A 1 year car lease is not for everyone, which is why it is important to do your homework up front, and become familar with the benefits and disadvantages of a one year car lease.
For people who do a lot of driving, the limited number of miles set for a lease car might be discouraging. If the maximum number of miles that can be driven are twelve thousands dollars for the year, then each mile after that amount will be charged a set amount.
For instance, if each extra mile costs twenty cents and the miles you went over the limit were one thousand and two hundred dollars, then the amount due would be two hundred and twenty dollars.
It's always best to determine how many miles you drive on a yearly basis before deciding if leasing a car is right for you. Many people don't realize how low their yearly mileage actually is.
After this 1 year car lease is finished, you can either drop off your leased car and be done with it or buy it. Purchasing the car is sometimes an option for people when their financial situation changes suddenly.
If you are determined to buy the car you've been leasing for the past year, you will need to pay the rest of the value on it. So if the final value is sixteen thousand dollars, then this is what you would have to pay. Some people find that they really like the car they've leased and want to buy it. Other times, their living situation has changed and they need to buy a car of their own.
