It may be a better deal to get a short term car lease in New York than to buy a car then sell it when you leave. Car leasing is sort of like renting a car from a dealership for an extended period of time. The car is still technically owned by the dealership, so you have to pay a predetermined monthly fee for the length of time you have it.
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When a dealership leases you a car, it has to "place" or "assign" the lease to a financial institution. The financial institution then pays the dealer for the whole lease, and you have to pay the financial institution. There are two ways that a lease can be placed. One way is for you to allow the dealership to find somewhere to place the lease for you, which is usually the financial company owned by the car manufacturer. The other is for you to hire an independent lease company to assign the lease. It is usually better to use the independent lease company, because dealerships often select the source that offers them the best deal, which is not always the best deal for you.
New York is one of the best places to get a car leased to you because it has such a high population. The high demand for temporary auto leasing has increased the number of dealerships who lease. This creates competition, which results in better deals for consumers.
Is it More Expensive to Lease a Car in New York than to Buy One?
If you lease a car in New York or any other state for that matter, in the end you will pay more for the vehicle than buying it outright. Lease payments tend to be lower than a loan payment, but the total cost of ownership is more expensive with a lease. If you eventually purchase the car, the residual payment combined with the lease payments will often add up to more than the price you would have paid to buy the vehicle. Leases also come with mileage limits, which can be quite expensive if you go over.
