Many people love the idea of leasing a car instead of buying it because they get to drive a newer car for less. But before leasing a car, there are factors to keep in mind so you don’t end up paying too much out of pocket.
- Forgetting gap insurance – The value of your leased car drops once you leave off of the lot. If it’s stolen or totaled and the insurance company pays, they may not cover the everything.
Other factors to keep in mind include:
- Miscalculating miles driven
- Not keeping the car in good condition
- Leasing for over 4 years.