Here is why car leasing arrangement is very convenient for you
When you lease a car, you put no or little money down and can choose to drop off the car after a certain period (say, a couple of years) without the hassle of actually selling it. The arrangement is generally convenient.
Keep in mind the fact that you cannot sell a leased car, since you do not hold the title to it. If you want to end a lease, you can transfer the same to another individual and thus, avoid paying the termination penalty as well as remaining payments.
Think of holding a lease akin to making payments on the amount that the car actually depreciates while you happen to possess it. That depreciation is worked out by subtracting the projected value of the car at the end of the lease period (This is termed residual value) from the sticker price (This is termed Manufacturer’s Suggested Retail Price or MSRP).
For example, if a vehicle with a sticker price of £20,000 has a projected value of £12,000 in about four years, the depreciation is the difference (£8,000 in this case). You will be making payments on this £8,000.
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