New cars have gotten very expensive in recent years, putting the squeeze on the budgets of many consumers. Seven-year loans have become common, and monthly payments now average close to $800.
As the purchase price of a new car rises, so does interest in leasing. Once the exclusive purview of businesses and wealthy new-vehicle shoppers, leasing is being given a second look by mainstream consumers, this largely due to the relatively low monthly payments associated with a typical lease contract. But, what is a lease? Does leasing really save car shoppers money? And what is the downside of leasing? Read on…