How To Lease A Car In 2024 (Step By Step)

Here's what you need to know about leasing a car in 2024. We'll be covering what a car lease is, the differences between leasing versus buying, what is a $0 down lease, what are the best vehicles to lease and more.

00:00:00 Introduction
00:01:07 What Is A Car Lease?
00:05:18 Buying vs Leasing 101
00:05:58 Leasing An Electric Vehicle (EV)
00:06:52 $0 Down Lease Explained
00:08:40 Best Vehicles To Lease
00:10:34 How To Negotiate
00:11:39 Gap Insurance Explained

Author of "From Side Hustle To Main Hustle To Millionaire" (Available at B&N, Amazon, Library)

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[jimdodd]

Putting a down payment on a lease is a bad idea. If you total the car on the way home, or at any time, insurance will cover the car. But the money you put down is gone forever.

[sb]

I leased a 2020 392 Charger, and traded it in at the beginning of last year. Because it was worth more than the buyout amount, I made the dealership use that difference as if I was making a down payment on my new car. I got into a car that was about 8k more expensive than my charger for $50 less a month than I was paying on my charger. It wont always work out like this, but you should always check the value of your current lease when you go to look at new cars, because you may be sitting on money.

[ceflaco]

Wow! Very well done. Much appreciated.

[jismithjr]

Thanks for the info...I will surely look into it. Where can I get more information?

[AngeLEyes]

I leased my car then financed it before lease end & bank of my choice gave much better rate than dealer

[r]

Thanks for your advice. Do you provide personal advice?

[guerlinemacean]

I only do 0 down for lease. Maybe I would pay the first month if needed but leasing is better then financing.

It's okay to roll down payment +fees into the loan.

I prefer to pay an extra $30 up to $100 monthly on original monthly payment that's include a down payment then given the dealership thousands upfront for down payment...

Financing is more expensive and doesn't make sense for 3 reasons. Car get old, depreciation more over time which lead to an upside down loan.

[Zembadeboy]

1. Can i customize lease mileage for term contract? 2. Can u use car leasing for ridshear?

[EricWilliams-ic]

Thank you for the very good information on buying or leasing a vehicle.
Sincerely Eric Williams

[vicquilet]

Most Dealership if your return your lease with them and get another one from the company or even a different company as long as you are paid with your last month no matter how many mileage you exceeded they will not allow you to pay for that, they will give you a new lease and they might also offer a sign and drive. Well thats if you are 700plus credit score.

[srl]

Appreciate the info! I still think a certified preowned is the way to go, unless you have a business, then a lease might make sense.

[anyquezada]

If I want to sell a car (but still own money to the financial institution) and the the dealership goin to pay me 10k but I still own 18k
That gap pays it ?

[anyquezada]

Can I rent using my business? And take out off on my taxes expenses ?

[anthonypecorino]

What happens when you put 5k down on a lease and something happens and loose all that money?

[RokerSMisisipi]

03:30 You state that "you are not responsible for the maintenance" on a lease. Is this really true thou?
You made is sound like it applies to leases across the board, but I'm pretty sure that you have to be super lucky for a dealer to offer you free maintenance with your lease.
Standard manufacturer's warranty will obviously apply, but you still need to do oil changes, brake service etc. out of pocket.

[lisasmith]

Like the video but disagree as far as luxury vehicle don’t lease well (depends on what someone considers luxury though). Residuals are usually artificially high on luxury vehicle and if they aren’t moving, they throw a lot of lease cash on it. Just leased a $70k suv with nothing due at signing (a true sign and drive) for $451 a month.

[AfroNerd-cvdl]

Dang it's really depressing that I don't qualify for the EV tax credit. I'm a mechanical engineering student who is passionate about the EV industry. I'm even interning at BMW right now working with their EVs. I've saved up some money and I really want to lease a new electric car know electric car. But since I'm claimed as a dependent by my parent, I don't qualify

[IJoeAceJRI]

Can you lease a 3 or 4 year old vehicle with a lower payment and still not come out of pocket for maintenance expenses?

[MichaelToub]

If your drive off the lot and total the car, the insurance won’t cover the $5k cap reduction

[NadiraAbolaji]

Do you need excellent credit to lease a vehicle?