I’m thinking about getting a leased car but I owe on my current car loan. How do I get a good deal on a lease? What are residuals? What are buy backs? How do you buy your car once the lease is over if you don’t give it back? I’ve only ever bought cars and never leased because I don’t know how they work and not get ripped off. I’ve Googled but I still don’t get it.
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Typically leases are for people who want to get a new car every few years. After your lease term is up, usually 3 years, you can then choose to trade it back for a newer car or buy it from the dealer. Typically you wouldn’t want to lease to own since you will be paying more for the car in the long term. There’s a little more to it than that but I simplified it.
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