Columnist debunks myths on leasing vehicles
Published on Tuesday, Feb 19, 2008
Ohio.com
The following article was also posted online at www.leasetrader.com.
If you're torn between the benefits of buying a car versus leasing, columnist Mark Solheim debunks some top leasing myths in the February issue of Kiplinger's magazine.
Here are three:
• Myth 1: Buying is cheaper than leasing.
This is true only if you keep a car well past the day the loan is paid. If you trade it in beforehand, the value almost always exceeds the loan balance.
• Myth 2: Only businesses get a tax break.
Individuals get a tax break, too: They only have to pay sales tax on the monthly payments, not the sale price of the vehicle.
• Myth 3: If you want out early, you're stuck.
Several Web sites match people who want to exit a lease early with consumers in search of a short-term lease.
At LeaseTrader.com, you can post your car for a fee of $80 and complete the transfer for $150.
But be sure to read the fine print. For instance, not all car finance companies will release the original leaseholder from liability.
This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com