The information in this site has been presented with a New Hampshire audience in mind. Consult your local library to learn more about the laws in your state. Leasing can have some advantages over buying. For example, you can try something out, such as a musical instrument or exercise equipment, for a period of time to see how you like it. There can be fewer costs involved with leasing than with buying.
Leases differ from traditional methods of financing consumer purchases.
This is particularly true of motor vehicle leases which differ in significant ways from traditional financing. Motor vehicle leases may even contain provisions imposing greater costs over the term of the lease than would be expected from owning the vehicle. Most motor vehicle leases also contain mileage limitations, and may impose high charges for every mile the vehicle travels in excess of those limits. Financial considerations at the end of the lease may include a charge for excess wear and tear or a charge for the difference between a vehicle's fair market value at lease end and the value predicted for the vehicle when the lease started. Consumers must understand all potential costs associated with a lease to accurately evaluate whether a lease is really a better deal than conventional financing.