 TITLE: Is Leasing a Car a Good Idea? CONTENT: What Are the Drawbacks of Leasing a Car?\n----------------------------------------\nThe above perks might have you revving your engine to sign a lease, but there are some major downsides to keep in mind. Tap the brakes and consider the following:\n*   **Lack of ownership**: Since you don't own the vehicle, you have no equity in it. This means unlike owning, you can't sell it and make some money back or take advantage of its trade-in value. Plus, when you finance a car, you'll eventually pay off the loan and rid yourself of a monthly car payment. With leasing, you'll be stuck with a monthly payment as long as you have the vehicle, even as it depreciates in value.\n*   **Restriction of use**: Leases often restrict the number of miles you can drive, typically a maximum 12,000 to 15,000 miles per year. While you may be able to negotiate higher mileage limits, these restrictions can be difficult or altogether disqualify those who have a longer commute. You may also not be able to take the car with you if you move to a different state or country.\n*   **Additional costs to consider**: Leasing a car comes with plenty of expenses, from the upfront fee to the monthly payment, and sometimes, additional fees when the lease ends. You're in charge of paying for gas, possibly some repairs and car insurance, which can cost more for leased cars. You also typically owe a sizable fee if you terminate the lease early.\n*   **Constant car switching**: While the ability to change cars frequently can be a benefit to some, for other drivers it could be seen as a major hassle to have to go through the process of switching cars every couple of years. END