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October 3, 2020
Yes, you can get a 1 year car lease, a 6 month car lease, and even a 3 month car lease. But is it actually a good idea?
Table of Contents
Let's look at the pros and cons of a short-term car lease. But first...
Leasing a car is similar to renting an apartment. You make regular monthly payments to use the car, but you don’t own it at the end of the payment term. After a lease ends, you must return the car to the dealership, or, if you have a lease buyout option you can purchase the car.
A long-term car lease typically means you’re leasing a vehicle for two years or longer.
On the other hand, a short-term car lease means you're leasing a vehicle under two years, and even as short as a one month lease.
No, a one-pay lease can be for any term length, you just combine all the payments and make it up front to save on interest.
There are some people for whom getting a car for a short-period of time absolutely makes sense. Your normal car could be getting repaired or perhaps you were temporarily relocated or are taking a long vacation. Whatever your reason, there are a variety of considerations.
Here are the advantages of a short-term lease.
Here are the disadvantages of a short-term lease.
For payment terms closer to two years, you'll have more luck negotiating a lease. Look for published lease deals and negotiate the car price first as if you were buying and ask to use that as your capitalized cost.
For short payment terms, you are better off searching websites like Swap-a-lease or LeaseTrader for people looking to get out of their lease. Being flexible in your leasing arrangements can pay dividends. You are likely going to find available leases to take over from people who can no longer afford their lease or people who are dealing with changing life circumstances.
Alternatively, you can go to rental car agencies like Budget or Enterprise and find out about their long-term car rental programs. (Anything over 2 weeks is considered long-term when renting a car).
Where can I get a short term car lease?
You can go to rental car agencies and ask about their long-term car rentals. Or you can assume someone else's lease. There are marketplaces that are designed to help match current lessees with people looking for a new vehicle for two years or less.
Can you lease a car for only one month?
Yes a 1 month car lease is possible, but extremely hard to find. Your best bet for a 1 or 3 month lease would be a long-term car rental.
What is the minimum time you can lease a car?
A 6 month lease is typically the shortest period of time unless you search really hard.
Are short term car leases more expensive?
In general, the shorter the lease the more you will pay. However, if you are willing to lease for a little longer, many manufacturers offer deals on 3 year leases.
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Posted in Car Buying Tips, Car Finance |
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