Are Short Term Car Leases Possible?
As millennials move into the focus of car buying prospects, short term car lease deals are becoming more and more prominent. Maybe you have commitment issues. Maybe you’re living in a different city for a short amount of time. Maybe you’re waiting for a new car to come out but need one in the interim. Regardless of your particular reasoning, signing a short term car lease could be the route you’re looking to take.
Of course short term car leases aren’t restricted to the appeal of people under the age of 25, but that seems to be the trend.
Ways to lease short term include:
Taking over someone else’s lease as if it were your own
Lease take overs are becoming an increasingly popular way to lease a car short term. This is how it works: let’s say Person A leased a car three years ago in New York. Two years later, Person A lands a job in California but is still binded to his contract. Now, Person B just moved to New York for the school year and needs a car. Person B can then take over the leasing contract of Person A and assume all the responsibilities of the lease and monthly payments. Everyone wins.
The biggest benefit of a short term auto lease via lease transfer as opposed to a long term car lease is that there is no downpayment required – the only thing you’re responsible for is the monthly payments that were originally agreed upon from the initial leasee.
Generally speaking, most manufacturers will allow someone to take over a leasing contract that was signed with another person if that person wants out of their lease early. This obviously involves getting in touch with your manufacturer and your dealer, but it’s not that difficult to accomplish. There are many outside sources that will facilitate this type of short term lease and you will be able to take over a lease for as much time as is left on the original leasee’s contract.
But keep in mind…
The problem here is a matter of control. You have absolutely no control over the lease terms that were originally negotiated. That means that you’re counting on someone else to be a good negotiator for you. Not only that, but you’re also assuming that the lifestyle of that person matches yours. Lets say the original leasee just doesn’t drive that often so he signed an agreement for 10,000 miles per year. If you’re a person who commutes long distances, then this may be a huge problem come lease-end when you’re over your miles.
Rent your car long term
Another good way to get around a long term car lease is just renting a car for a long amount of time. While these might be more expensive than taking over a lease, the benefits are huge. You don’t have to worry about mileage at all because most rental companies don’t even require you to lock in a preliminary amount of mileage you’ll drive before-the-fact. You also have the option of switching cars at any point because you’re technically not under any kind of contract. Another huge benefit is that you can return the car whenever you want because, again, you’re not binded to a contract.