Q: What is an Auto Lease?

A: A lease is a sort of like a long-term car rental. You pay money to the lessor to drive the car, and there is an agreement between you and the lessor for the length of time that the lease will last. This agreement includes provisions such as the number of miles that you can drive each year. The number of miles is negotiable but usually comes with a higher monthly cost the more miles you drive.

Since you are paying to use the lessor's property, you aren't paying for the total cost of the vehicle but instead the depreciation of the vehicle. The more miles and wear you put on the car, the greater the depreciation and the more you are expected to pay. In addition to paying for the depreciation of the vehicle, you will also be paying for lease fees and taxes.

Q: What Are the Benefits of Leasing?

A: The lower monthly payments make it easy to afford a new car with the latest technology. For some, this is the best way to get into the driver's seat of a new car since you won't have to pay for the total cost of the vehicle. Since a typical lease only lasts a few years, that means that when your lease is up, you can find another new vehicle, and drive the newest cars every few years.

Q: Friendly Financing at Audi Mendham

A: Do you have other questions about leasing a car? Just reach out to our expert finance team to learn more about the subtleties of leasing your next vehicle. We would be happy to help you navigate which choice would be best for your budget. Contact our finance department today to learn more!