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Following the ups and downs of the past two years, automakers, dealers and buyers have seen it all. Low demand in 2020, not enough cars to sell in 2022, and wild swings in pricing. What about the consumer perspective? Things are changing quickly, and it can be hard to keep track. What do interest rate hikes mean for car buyers in 2023? We spoke with CarEdge car buying expert Mario Rodriguez to find out.
How will higher interest rates impact new car buyers?
There are very few automaker or dealer incentives right now. The sellers have the upper hand in today’s market. They’ve raised MSRPs, and additional dealer markups have piled on. Selling new cars, dealers can toy with the profit equation. Both front-end and back-end profit scenarios are on the table for a dealer.
Either they could increase the car’s price and drop interest rates via captive lending, or take the opposite approach and keep car prices the same but raise interest rates for buyers. When it comes to interest rates, however, NEW car buyers probably won’t see much of a change, at least after this first Fed rate hike.
Automakers can afford to subsidize the small rate increases because of captive lenders, not to mention the record profits they make per vehicle sold right now. There’s been a lot of inflation, but not to the magnitude of the MSRP hikes we’ve seen.
What is a good interest rate for a new car?
As of November 2023, attractive financing rates for new cars range from 0.0% to 2.9% APR. Black Friday deals feature several low APR offers.
Drivers with great credit scores should keep an eye out for anything below 3% APR for new car buyers.
How will higher interest rates impact used car buyers?
This is where buyers will feel the pinch. Used cars sell for less (on average), and a lot more math is involved with profit margins for dealers. Private party lenders are quicker to reflect baseline rate hikes. It might take a few months for new car loan rates to rise noticeably, however used car loan rates will rise immediately.
What is a good interest rate for a used car?
Through a credit union, used car buyers with great credit scores can secure a used car loan for under 7% APR. As of November 2023, the average used car loan rate is 14% APR.
It’s important to bear in mind that a higher interest rate will cost buyers who demand an expensive vehicle more than if a cheaper vehicle was to be purchased. A 6% interest rate will result in about $6,000 in total interest paid for a $40,000 loan over 60 months, but just $2,400 for a $15,000 loan over the same term.
Will there be more interest rate hikes?
More interest rate hikes are likely in early 2024. The latest consumer sentiment and spending data shows that Americans are increasingly getting used to a high rate of inflation. That’s not a good sign, and leads many experts to think that the US Federal Reserve will issue at least a few more rate hikes to combat inflation.
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A magnitude 7.4 earthquake struck off the coast of Japan on Wednesday, bringing painful memories of the 2011 earthquake back for many. Four people died in the tremor and its aftermath, and Japanese infrastructure took a severe hit. Areas north of Tokyo have experienced power outages affecting 2 million people and thousands of factories.
Japan Earthquake Affects 80% of Toyota’s Factories
2022 Toyota RAV4
Railways across much of central and northern Japan are offline after the earthquake destabilized bridges across the region. Some roads were damaged as well. Without transportation corridors, Japanese automaker’s domestic supply chains can’t function.
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Automotive News reports that Toyota will suspend operations on 18 production lines at 11 factories. In total, Toyota operates 28 production lines at 14 factories in Japan. Toyota said they will lose about 20,000 vehicles scheduled for production because of the earthquake. The earthquake shutdown will directly affect production of the Toyota RAV4, Land Cruiser, Yaris, and other models sold abroad.
Multiple Lexus models are also impacted. The Lexus LS and IC sedans, RC and LC coupes and NX crossover will all see production cuts because of Wednesday’s earthquake.
A Bad Week For Toyota
The latest supply chain and production woes come just days after Toyota announced scaled-back production targets for 2022. Toyota’s production cuts were made public BEFORE the latest earthquake. The automaker already cautioned that production targets may need to be downgraded further, and that’s looking more likely after the latest natural disaster.
Before the earthquake, Toyota slashed April production targets by 150,000 vehicles to a total of 750,000. Looking ahead, Toyota expects production to be 10 percent lower in May and 5 percent lower in June than previously estimated. Citing the instability of supply chains, Toyota will review production plans on a monthly and three-month basis.
Murata, the top global supplier of ceramic capacitors used in cars, said it had suspended operations at four factories in Japan following the quake. The impacts of Murata’s production shutdown will be felt for months to come, and not just among Japanese automakers.
The quake disrupted production at Kioxia’s plant in Japan, according to TrendForce. The affected factory is responsible for about 8% of Kioxia’s production. The company provides chips to a variety of industries, including auto manufacturing.
The industry analysts at TrendForce say that damage to semiconductor chip production is inevitable following the earthquake.
“Due to the extremely high stability required in the crystal growth process, the industry has not yet announced the impact of the quake. TrendForce specifies, in addition to shutdown inspections, damage to machines and silicon wafer input is inevitable.”
The chip shortage and new car inventory shortage are not getting any better. In fact, it’s getting worse. It seems like the situation changes daily, with geopolitics and mother nature taking a stab at disrupting the automotive industry just as it tries to get back on its feet.
Check back soon for the latest CarEdge updates. Bookmark our chip shortage update page for the latest weekly updates on the supply chain disruptions in 2022.
Honda is late to the electric vehicle party. Now, Honda is depending on General Motors to get their EV plans off of the drawing board and onto the ground. Will their much-anticipated Prologue electric SUV be worth the wait? The automaker’s first North American EV will undoubtedly be compared to their decades-long reputation for great hybrid powertrains. As the 2024 Honda Prologue nears production, here’s what you need to know about Honda’s plans for EVs.
General Motors Lends Honda a Jump-Start For EVs
This was the pre-production concept….
This is the production-ready Prologue EV…
Honda’s electric SUV will be Honda on the outside, and GM on the inside. The automaker didn’t quite play their cards right when it comes to electrification. After stubbornly sticking to internal combustion and hybrid vehicles for the past several development cycles, Honda is now scrambling to make one heck of a U-turn. Why? As a global automaker, Honda pays close attention to the regulatory environment in Europe, Asia, America and beyond. Most of Honda’s major markets have announced timelines for the elimination of new combustion vehicle sales as part of efforts to combat climate change and poor air quality.
The European Union will ban sales of new gas and diesel cars, including hybrid vehicles, starting in 2035. Japan and the United States have also announced a series of policies aimed at encouraging the adoption of EVs. Several European countries are even establishing EV-only zones in densely populated urban centers in an effort to slash emissions for public health. If Honda wants to have a future, they have to go electric.
In 2020, Honda and General Motors announced a partnership that will bring Honda’s first North American electric vehicle to market mid-decade. Why the collab? GM has invested BILLIONS in its new Ultium battery technology and electric motors, and they’re eager to increase their returns by sharing with a competitor in dire need of an electrification jump-start. Honda is far behind the others, even behind other former EV skeptics like Toyota.
General Motors will do everything except design in the exterior and interior of the 2024 Honda Prologue. GM will even build the Prologue in its North American factories. By mid-2023, Honda-branded EVs will be leaving GM plants in Michigan.
2024 Honda Prologue Specs: What We Know
All that we can infer about Honda Prologue specs comes from what’s been announced about the 2023 Cadillac Lyriq, which shares GM’s Ultium platform with the Prologue. The Prologue is likely to be about the size and weight as the Lyriq, since they will share the same drivetrain and battery. Honda is keeping their cards close, so it’s the best we have for now.
Arriving in mid-2022, the Cadillac Lyriq will have a large 100 kilowatt-hour battery and a single rear-mounted permanent magnet electric motor delivering 340 horsepower and 325 lb-ft of torque. An all-wheel drive version will arrive later.
The Lyriq can receive 190 kW charging at a DC fast charger, which is enough to add 200 miles of range in a half-hour. The Lyriq will have a top-end range of about 300 miles, and we expect the Prologue to have similar figures. We recently featured the Cadillac Lyriq with a full CarEdge preview if you’d like to know more about the electric crossover entering production in 2022.
Also, we have everything you need to know about GM’s new Ultium electric platform here. It’s fascinating stuff!
Honda Prologue Pricing
Considering how other Ultium-powered EVs are priced for the 2023 model year and where Honda is positioned in the overall market, we estimate that the 2024 Honda Prologue pricing will start around $45,000. Fully-optioned trims with all-wheel drive are likely to cost between $50,000-$55,000. Lithium prices are largely to blame for the worsening inaffordability of EVs.
Honda Electric Cars: Are More Honda EVs On the Way?
Honda does already have a full BEV for sale, but it’s not coming to North America. The pocket-sized Honda ‘e’ is a much-loved city car in Europe. It seems to appeal to the same folks who love their Mini Coopers. The Honda e wouldn’t do well on the sparse interstates of America. It only has 137 miles of range.
General Motors is providing the Ultium platform for an Acura EV that will arrive shortly after the Prologue. Nothing else is known about the Acura EV, but it will likely share all of the same underpinnings as the Honda Prologue SUV.
Still, Honda has jumped on the all-EV bandwagon. Or rather, they were left with few options considering the global regulatory environment. Honda’s target for the electrification of its full lineup is planned for 2040. That’s 5 to 10 years behind many competitors, including their partner GM.
When Will the Honda Prologue Be Available?
Honda updated their Prologue configurator in October to 2024 availability. If that’s too long of a wait, dozens of other EVs will be on sale by mid-2022. In 2022, the Honda Prologue’s direct competitors in the crossover SUV segment are already battling it out for market share. These are the top picks for car buyers eager to get into an electric crossover sooner:
We’ll be sure to update this page as more information becomes available. Add it to your bookmarks if you’re excited about the first Honda EV in America!
Buying a car is tricky in today’s market, and even leasing can feel like three-dimensional chess these days. Although 2022 isn’t the best time in history to buy or lease a car, some shoppers don’t have a choice. It doesn’t help that the average new car payment is a bank-draining $650 a month in 2022. Fortunately, leasing provides a window of opportunity for those who don’t mind what is essentially a long-term rental. These are the best car lease deals in 2022. All examples assume a 5% down payment at signing.
Not sure where to start? Head over to our CarEdge complete guide to leasing to find out what leasing a car is, and when it’s a good idea.
2022 Mitsubishi Outlander PHEV
The plug-in hybrid (PHEV) version of the Mitsubishi Outlander sells for an average MSRP of $40,356 depending on the trim. If leasing is an option, you can get into this versatile SUV for $412 per month with an allowance of 12,000 miles a year. How does a plug-in hybrid work? The Outlander can drive 24 miles on pure electricity (which is much cheaper than gas), and then can drive another 300 miles as a regular hybrid system with the help of a combustion engine. It’s kind of the best of both worlds, especially for a lease.
2022 Hyundai Kona EV
The Kona EV made our CarEdge list of the five best electric cars you can get for under $50,000. The Hyundai Kona EV has an average MSRP of about $40,000, and you can lease one for just $401 a month. The Kona is a great alternative for those considering the Chevy Bolt. Plus, it comes with Hyundai’s unbeatable 10 year, 100,000 mile battery and electric powertrain warranty. This front-wheel drive subcompact crossover gets 258 miles on the charge, exceptional range for a budget EV. Some owners get over 275 miles on a single charge.
2022 Toyota Tundra 4WD
If you can find one that’s not marked up, the 2022 Toyota Tundra 4WD is $51,400 at MSRP. If you’re open to leasing, you can sign up for $525 a month for 36 months and 36,000 miles. That’s $125 less per month than today’s average monthly finance payment. The downside? The Tacoma gets 14 miles per gallon when gas prices are well over $4 per gallon.
2022 Toyota Tacoma
Last year, the Toyota Tacoma won Best Buy of the Year award from Kelly Blue Book in the mid-size truck category, and now you can lease a 2022 model for under $400 a month. If you buy, the 2022 Tacoma has an average MSRP of $36,300. If you lease, monthly payments are as low as $361.
2021 Honda Civic Type R
With an MSRP of $41,900, it’s a pleasant surprise that you can get into a Civic Type R lease for just $410 a month. Over 300 horsepower propels this budget racer to 60 mph in just 5.3 seconds. The challenge is finding one on a dealer lot.
2021 Chevrolet Bolt
Pre-facelift, the 2021 Chevy Bolt was the least ‘sexy’ electric vehicle on the market. It may look bland, have slow charging, and be subject to one of the most scrutinized recalls in recent memory, but you can lease one for cheap. The 2021 Chevrolet Bolt sells for $38,567 (average MSRP across trim levels), but you can lease one for $367.63 a month. Just make sure that you have proof from the dealer that your Bolt has already had the recall fix. Learn more about the Chevy Bolt recall and vehicle specs here.
2022 Chevrolet Bolt
The 2022 model year gets a refreshed, modernized front fascia and improved interior. Sadly, driving range figures for the 2022 year remain the same. At least it doesn’t look like a cheap appliance anymore. Here’s the great news: the 2022 Chevrolet Bolt has a lower MSRP than the 2021 model. GM electric vehicles no longer qualify for the federal EV tax credit, so GM must have felt compelled to keep pricing competitive. Whether you go for a 2021 or 2022 Bolt, ensure that the car has had all of the mandatory fire-related recall fixes completed.
You can lease a 2022 Chevy Bolt for $312 a month for 36 months. If you’re considering buying, remember that the $33,595 price tag will not get any help from the federal tax credit. State and local incentives may apply, depending on where you live. Here’s everything you need to know about the 2022 Chevrolet Bolt.
2022 Chevrolet Bolt EUV
2022 Chevrolet Bolt EUV
The Bolt EUV is the slightly larger new sibling to the regular Chevy Bolt EV. The EUV sells for $36,245, but you can lease one for just $341 per month. Range is 247 miles, but charging isn’t that great. Learn more about the Bolt here.
2022 Kia Niro EV
The 2022 Kia Niro EV has an average MSRP of $43,500, but it can be all yours (for 36 months) for just $395 with a lease. There’s generous lease support for the Niro for a few reasons. The Kia Niro is about to receive a major upgrade in 2022, and it’s being overshadowed by the new Kia EV6 electric crossover. The Niro can make it 239 miles on a charge, and charging from 0-80% takes about one hour at a DC fast charger. However, if you plug it in at home, it should work just fine for those who drive less than 50 miles a day.
2021 BMW i3
Why is the 2021 BMW i3 such a phenomenal deal in 2022? It was recently discontinued, but it’s still a great option if you’re looking for an affordable, low-emissions way to get around town. Keep in mind that it’s no Tesla. The i3 gets 200 miles of range, 153 of which are on pure electricity. Not to be confused with the new BMW iX3, the 2021 i3 has an optional range extender (on the BMW i3 REX version). All trims considered, the 2021 BMW i3 has an average MSRP of $48,970 while supplies last.
If you’re looking for an all or mostly-electric bargain lease, you can lease the 2021 BMW i3 for $425/month. That’s well under the budget-friendly 10% threshold for a smart lease.
Have questions or comments about the best car lease deals in 2022? Or maybe you’d simply love to connect with fellow car buyers and auto enthusiasts? Check out the CarEdge Community at caredge.kinsta.cloud!
Buying a new car is rarely a wise financial decision. Truthfully, cars are depreciating assets (unless there’s a chip shortage and car prices appreciate). That means from the moment you drive off the lot with your shiny new wheels, you’re actually losing money.
For some car buyers, leasing is a great way around depreciation. However, leasing isn’t for everyone. For many consumers, it’s worth asking the question “what does it mean to lease a car?”. In this guide to leasing a car, we’ll explain all there is to know about leasing, and how to shop smart in 2025.
What Is a Car Lease?
The last time a car commercial grabbed your attention with an attractive lease deal, it probably included a whirlwind of rates, payments and terms crammed into thirty seconds. What exactly is a car lease? An auto lease is a long term rental agreement for a vehicle that is subject to specific terms and conditions. The lease terms are agreed upon by the customer and dealership (or automaker in the case of Tesla, Rivian and Lucid), and a third-party leasing company who actually takes ownership of the vehicle (and then leases it to you).
These four factors determine the total cost of the lease, and in turn the monthly payment. Let’s talk about the details.
Cap Cost
Instead of negotiating an out-the-door price (which is the price of the vehicle plus all taxes and fees), you negotiate the capitalized cost (also referred to as the “cap cost”) of the lease. The cap cost is the amount that the leasing company is paying for the vehicle. This will include:
The negotiated selling price
Doc fee
Miscellaneous fees
Additional products
Some of these charges are negotiable. For example, you don’t need nitrogen-inflated tires or security etching that you didn’t ask for billed on your lease agreement. For every $1,000 in additional cap cost, that will roughly translate to $27 a month in payment on a 36 month lease. Take a long, hard look at the itemized invoice before signing anything!
Residuals are a percentage of the MSRP as set by the leasing company, and they are not negotiable. The residual value is the vehicle’s projected value at the end of the lease term. When you lease, you pay for the amount of depreciation that will occur over the course of the lease term.
For example, if the residual on a 36 month lease is .75 (or 75%), your lease will include payment that covers the 25% expected loss in value over the course of 36 months.
Residual values are not negotiable and they are set by the leasing company based on allotted annual miles to be driven. Specifically, 7,500, 10,000, 12,000 or 15,000 are the standard mileage amounts that are normally offered.
Dealers cannot modify or adjust the residual percentages other than for additional annual miles allowed to be driven. Check out an example of how residual values fit into leasing here. The residual value is disclosed on the lease as the amount that you can purchase the vehicle for at lease end.
The Money Factor
The money factor is set by the lender and can be marked up to the consumer, much like on a car loan. When a buyer finances a car, the dealer works with a number of lenders behind the scenes to get an attractive rate. However, that’s not the rate that the salesperson closing the deal will quote. Dealers markup loans, and pocket the difference. Fascinating and distressing, right? Here are all the ways that dealers make money when selling you a car.
With a car lease, dealers make money by marking up the money factor on a lease. The lender charges the dealer a money factor of say, .00125, and the dealer marks it up 50, 75 or even 100 basis points. The difference between the buy rate (what the lender charges the dealer) and the marked up rate (what you’re quoted) is additional backend profit on the lease for the dealer.
You should always try to negotiate the money factor to the buy rate or as close to the buy rate as you can get!
Sales Tax
Taxes in most states are added to the total price of the lease. NY, NJ, MN, OH, and GA charge sales tax upfront on the total amount of the lease payments. VA, MD, and TX charge sales tax on the total selling price of the vehicle (the cap cost). In all other states, sales tax is simply factored into your monthly payment.
Sales tax is not negotiable, but it does vary from state to state.
Who Owns the Car In a Lease?
Simply put, the leasing company owns the vehicle that you are leasing from them. In most cases that will either be that brand’s captive lender or an outside bank. The vehicle will be registered in both the leasing company’s name and your name as the lessee. You will be responsible for registration renewals, maintenance and all insurance.
It’s also possible that the leasing company financed the vehicle that they bought from the dealer. In that case, the financial institution would possess the title until the leasing company pays it off.
Estimate Your Monthly Lease Payment
At CarEdge, we’re always working on something new to help demystify car buying, car selling, and ownership. If you’re considering a new car lease, estimate your monthly payment in seconds with our latest free tool: our car lease calculator.
Do Auto Leases Require a Down Payment?
No, but If you want to lower your monthly payment, consider making a down payment on your lease. In a car lease, the down payment is called a capitalized cost reduction, or cap cost reduction. These up front payments are optional, but they can help make leasing more affordable by lowering the monthly payments. The payment is lower because the cap cost reduction has lowered the cost of the vehicle to the lender.
Any advertised lease payment typically requires a specified amount of cash down. For example, an advertised lease monthly payment may include $3000 cash down plus the first payment, acquisition fee, tax, title, registration and dealer fees.
Remember as a rule of thumb, for every $1000 in cap cost reduction on a 36 month lease your monthly payment will be reduced about $27.
Shoppers with bad credit may be required to make a security deposit, which is returned once the car is returned at the end of the lease.
Why I Put Zero Down On My Leases
I put zero down on my leases and when I say zero, I mean not even a penny. Cash down on a lease just reduces the cost of the vehicle to the lease company and if the vehicle were ever declared a total loss, that money that you had put down is lost forever. A lease down payment is not covered by your auto insurance. They only cover the value of the vehicle, not the value of the cash that you put down.
Whatever money you are thinking about putting down, deposit it into a separate investment account and draw from it monthly when you are making your lease payments. This way your money is still making money each month until you need to draw from it.
Do I Pay Interest On a Lease?
Yes, your lease’s monthly payment includes interest, this is the money factor.
You can’t shop around for a better interest rate when it comes to a lease without shopping for a different car altogether. You won’t see an interest rate on your contract when leasing a car, but you can request this information from the dealer or leasing company. The total amount of interest paid on a car lease depends on the length of the lease term and even the type of vehicle. If you lease a model that is likely to depreciate faster, the leasing company is more likely to charge higher interest to ensure that loss in value (the residual) is accounted for.
One way to lower your interest rate (Money Factor) on a lease is by placing Multiple Security Deposits if the lender provides the option. Each MSDS equals one monthly payment and will reduce your MF by a percentage point determined by the lender. There is a limit on how many MSDS you can apply, but the savings can be significant in some cases.
Can I Pay For a Car Lease Up Front?
Yes, in most cases customers can pay for a lease up front. Paying for an entire lease at the time of signing is called a one-pay, or single-pay lease. Some lenders will discount interest costs if you pay for the whole lease up front. Make sure to find out if there is any benefit to you before you commit to paying for a car lease up front.
What Are the Pros and Cons of Leasing a Car?
Pros
Risk Mitigation
When you lease, you transfer to the lender (bank) the risk of accelerated depreciation, diminished value due to damage/accident, and unexpected repair expense.
Most leases include GAP insurance in the monthly payment. GAP insurance helps pay off your loan if the car is stolen or totaled in an accident.
Convenience:
Having the most modern platform, technology, and safety features
You will always be under the powertrain warranty, simplifying your ownership experience.
Flexibility:
No long-term commitment. It’s easy to exit some leases and get into another type of vehicle if your lifestyle or needs change.
You have options: turn-in, sell, transfer, buyout, or extend the lease if you need more time finding a replacement.
Financial:
In some cases, the net total ownership cost is less than financing a purchase. Many shoppers find that leasing requires less cash outflow versus financing the same class of vehicle.
Your depreciation is fixed so you can pocket any positive equity if the forecasted Residual Value is underestimated by the bank – as those who leased in 2020 experienced due to the appreciation of used car prices today.
Cons
The car isn’t yours.
It’s a long-term rental: It is a long term rental and other than the use of the vehicle you have nothing to show for the money that you have spent.
Residuals can work against the consumer: In a normal market, Residuals are typically higher than the vehicle’s fair market value at lease end which means if you buy out your lease at the end you will more than likely be paying too much.
You’ll never pay it off unless you buy: It is a lease, so it is not yours to pay off. Your only obligation is to make the total payments as stipulated in your lease contract.
Few vehicles will lease well.
Lease program support (incentives, subsidized money factors, inflated residuals) will vary by manufacturer, model, and trim, limiting the selection of vehicles with an attractive lease payment. OEMs and their captive lending arms will choose specific models to support to offer low lease payments making them more competitive and gain market share. Newly released models or special trims, for example, will lack lease support making their lease costlier.
Fees and costs.
If your leased vehicle has wear and tear beyond the limits set by the lending company (large scrapes, worn tires, broken windshield, etc.), you will be charged for repairs. Some lenders are known for billing excessive reconditioning fees.
If you incorrectly estimate your mileage, you will overpay for depreciation. Underestimating your miles and overages (~0.30/mi.) can add up quickly.
If you decide to turn in your lease, you will have to pay a disposition fee ($300-$595) unless the lender offers to waive it.
While most lease contracts include a GAP waiver, they require elevated liability coverages, increasing your insurance premiums.
Yes, an EV lease is a great way to give electric vehicles a try. Some lease companies pass along the EV tax credit to the consumer by lowering the capitalized cost by the EV credit amount.
Leasing an electric car may be a great option to consider since battery technology improves every year. When your lease is up, you’ll be stepping into a whole new world of next-generation EVs.
The cap cost and money factor are negotiable. You should always try to negotiate the money factor as close to the buy rate as you can get!
Shop around for deals, be flexible
By shopping for specific models with more automaker or dealer lease support, you’re likely to get a better deal all around. Lease support varies by automaker, model, trim and vehicle inventory. You’ll probably want to stay away from new models and premium trims, which are costlier to lease.
What happens at the end of my car lease?
Deciding what to do at the end of a car lease depends mostly on how you feel about the car. Of course, your financial situation and inclinations also come into play.
These are your options at the end of a car lease:
Return the car
Buy the car
Sell the car (if allowed)
Move into a new lease
Which option is a good fit for you? If you love the vehicle and can afford to finance or buy it outright, you can keep a vehicle with a good service history at a set price (from the residual on your lease contract).
If you no longer need a vehicle, leasing allows you to simply return the car and keys at the end of the lease term. Remember, leasing is just like a long-term rental.
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