What is the shortest you can lease a car? Yes, you can get a 1-year car lease, a 6-month car lease, and even a 3-month car lease.
What is the shortest you can lease a car?
Leasing a car is similar to renting an apartment. You make regular monthly payments to use the car, but you don’t own it at the end of the payment term. There’s no hard and fast rule about what constitutes a short-term car lease. By most measures, it’s a lease that lasts two years or less. After a lease ends, you must return the car to the dealership, or, if you have a lease buyout option you can purchase the car. A short-term car lease means you’re leasing a vehicle under two years, and even as short as a one-month lease. There are some people for whom getting a car for a short period makes sense. While it is possible to get a one-year car lease, it is generally not recommended. Because vehicles depreciate so quickly during their first year on the road, leasing for one year can be very expensive. You’ll also be responsible for paying all of the lease’s one-time fees, such as registration, within one year, rather than spreading those costs over multiple years. These normal cars could be getting repaired or perhaps you were temporarily relocated or are taking a long vacation. Whatever may be the reason, there are a variety of considerations. You have a much smaller commitment versus buying or long-term lease options. Needing a car for a short period is the primary reason people look into short-term leases. Due to the short period, a consumer may need to use a vehicle, many finance companies offer cars that consumers have leased through long-term arrangements that they now wish to terminate. What is the shortest you can lease a car? The minimum period for a short-term lease is generally 6 months with the maximum usually being 24 months. Monthly payments may be much lower than the original lease arrangement when the vehicle has been leased for at least a year. Since payments are determined by depreciation value, the rate for the first year can be up to 30%. This allows for lease assumption at a reduced vehicle value that can benefit a consumer seeking a short-term deal.