Rista1313
Well-Known Member
No not at all! If you wreck it then you just claim it to your insurance, same as if you bought it. Most Americans don’t pay cash for a new car, so the bank owns the vehicle anyway. Avg loan in the US is now at almost 75 months.. many people trade in their car before it’s ever paid off, and never actually own it. The difference with a lease is you’re just paying the depreciation... and less taxes, and GAP insurance included at no additional charge.
A lease and loan are more similar than many think.. you can trade the car in at any time (like I do), or you can buy it yourself if you want to, and then “own” it.
I lease now... because my dealer is great about buying the car outright, before my lease ends to put it on their lot.... so I never pay for miles over, or have to go thru that lease inspection carp.... and I get a new car every 3 years!