LEASE
Similar concept to RENTAL, but less expensive than RENTAL for longer periods of time. This is a little bit of a hybrid between RENT and PURCHASE.
Because you could potentially have the vehicle for YEARS, you ARE expected to change oil, get new tires, replace brakes, etc. OR, since the LEASE can be terminated at any time, you could simply return the vehicle and stop LEASING it as opposed to spending $1000 on new tires or brakes.
Checkout my video discussing the benefits of a NO REGRET MOTORS Lease – WHY a NO REGRET MOTORS LEASE?
The real assurance of a LEASE is that you will NEVER be stuck with a huge bill for a new engine/transmission/etc. The LEASE can be terminated at any time. Transmission slipping? Return the car. Or if you have a trusted mechanic that can fix the problem for a price you are comfortable paying, feel free to have it fixed and keep LEASING the vehicle. The choice is yours. Lots of flexibility and very little risk to you.
Equity? YES! A portion of each Lease Payment goes toward your option to PURCHASE the vehicle. You build equity with each payment and can purchase at any time – no need to complete a specific lease period of months or years.