 TITLE: How to Trade In a Car CONTENT: Can I Trade in My Car for a Lease?\n----------------------------------\nIf you're thinking of leasing a new vehicle instead of buying one, you can trade in your current vehicle as a down payment.\nOf course, the leasing process is different from the buying process. When you lease a vehicle, you typically have a contract for two to three years. During that time, your monthly payment goes toward covering the vehicle's depreciation, plus interest.\nAs a result, leasing is typically cheaper than buying, at least in terms of a monthly payment. In the long run, however, building equity in a vehicle and selling it when you want a new one can be more financially beneficial.\nSo is leasing a car a good idea? It really depends on your budget, preferences and goals. Leasing usually allows you to get into a new vehicle for less than what you'd pay if you took out an auto loan, and cycling through a new lease every two to three years ensures that you're always driving a newer car. That can save you money on costly maintenance and repairs that become more frequent as vehicles get older.\nOn the other hand, lease agreements often come with strict limitations and restrictions, including how many miles you can drive every year and the inability to make changes to the vehicle, such as upgrading to a better sound system. And, at the end of the lease, you won't own the car. Once you've paid off the loan on your purchased car, however, you'll own the car outright and can use it as a trade-in or potentially drive it for years without having to make a car payment every month.\nTake your time to weigh leasing versus buying to determine the right fit for you. END