By: Sofia Moore

Everyone would like to buy their own car but this isn’t always possible. For people who have a stable income and can afford to make a payment towards car, purchasing a car would probably be the best option. But for those who cannot afford to purchase their own car there are two options- a rental car or a car lease. Of course there’s always the option of not purchasing a car and using public transport, but this is not a feasible option for all, especially if they have a long commute or need to travel at odd hours.

Renting a car can turn out to be quite expensive over a period of time, and most people who cannot afford to purchase a car can’t afford to rent one either. In this case, perhaps a car lease is the best possible solution. Basically, a car lease is a process where an individual would be required to pay a pre-determined amount of money to the lease trader every month for a fixed period of time. At the end of that period, the car would be returned to the lease trader. If any deposits are made at the time of the agreement they are returned to the individual, and in case of any damages the cost is adjusted against the deposit.

Car lease is basically suited for the below mentioned types of people:

•Students- students generally cannot afford to purchase their own car, and even if they work part time they would not be able to pay towards the cost of a new car. Car lease would allow them to have a car for a specific period for a very low cost.

•For people who are planning to live in a particular city or country for a few months, it doesn’t make sense to buy a new car. First of all, the cost of the car would be high and secondly they would have to spend some time in trying to sell it off when they leave. Car lease is an easier option.

•For individuals who are just starting off with a career and aren’t sure about the stability of their income, or in case they are saving up money for any other future requirements, car lease could be just the thing for them.

There are three people involved in a car lease process, the car dealer from whom the car is to be purchased, and the lease trader who purchases the car from the car dealer and the individual to whom the lease trader then leases the car to. Car lease is a good option because the individual has the choice in selecting the car, and in case he after taking the lease he/she doesn’t require it any longer they can always transfer the lease to someone else.