What is car leasing as opposed to car renting?

Question

Thank YOU!

Answer 1

Leasing a car is basically renting it for a long time.  The main difference is that you are responsible for all maintenance and upkeep, and usually have the option to buy at the end of the lease.

Leasing usually lowers your monthly payments compared to buying a car.  In my opinion leasing is a very good option, but not for everyone in every situation.

Hope this helps.

Answer 2

Renting a vehicle does not cost you for anything but gas. Leasing, you pay for gas, maintenance, plates and insurance. Then when you turn it in, you may need to pay for any damages and over the specified amount of miles.

Answer 3

Renting is short term.. up to 1-2 months

leasing is long term... 2-3 years

Answer 4

You pose an excellent question here.

Leasing involves basically renting the same car for a number of years, whereas renting gives you the option of changing cars whenever you want. If you lease a car and it breaks down---you have no car until its fixed.

But a rental car breaks down--you go right away to a different one.

It is possible to make ''deals'' with rental companies for reduced rates. Its strictly up to you by picking a co and offerng the deal.

And remember with a rental you are not into any type of long term contract.

Answer 5

Renting is day to day and the rental agency ie Hertz, Budget etc register, insure & maintain the vehicle.Leasing is more long term, like 2 to 5 yrs, and the lessee pays for insurance, registrations maintence. That is it in a nutshell, but there are exceptions & variations.

Answer 6

Renting and leasing are completely different. Leasing is actually a form of financing, like a loan, except you only pay for the amount by which the vehicle depreciates in value during the lease. That's why lease payments are lower than loan payments for the same vehicle.

Renting is usually for a short term and is very expensive compared to leasing or buying. Leasing starts at 24 months and is less expensive that either buying or renting.  

Answer 7

Renting is using a car for a day or a week, and the rental company maintains the car except for the gasoline.

Leasing is keeping the car for 1 - 3 years and you maintain the car -- that is, get oil and filters changed, tires when needed, etc. -- until the lease is finished.