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Finance Tip of the Day

Think Leasing a Car is a Good Idea? Tip #2

  • 2016 13 Jun
Think Leasing a Car is a Good Idea? Tip #2


Think Leasing a Car is a Good Idea? Tip #2

Higher Insurance

Even though you may enjoy lower monthly payments on a leased vehicle, you will most likely pay a higher insurance premium, which will wipe out some of the savings you were counting on. Apart from regular coverage, if you lease your vehicle you’ll have to pay what’s called a lease gap rider on your policy to cover the difference between the lease amount and the value of the car, in case something were to happen.

Hefty Penalties

There are two options for leasing a car. A short-term lease will usually be between 6-12 months. Long-term leases will run 24 months or longer. If you decide you no longer want to lease, you’ll be not only liable for paying the remainder of the lease, but also additional penalty fees.

Today's tip brought to you by Mvelopes and Money4Life Coaching.