Getting a car lease could be the best and most convenient way to get a car for much less, however you may end up paying more if you decide to opt out of the lease agreement without considering several things. The most important factors to consider before you get a car lease are; • Your monthly streams of income getting a car lease will usually require lower monthly payments than financing a new car with a car loan. A car lease simply allows you to pay for depreciation, rather than a new car. You need to consider your monthly cash flow before you enter into a lease agreement because you need to meet up with other financial obligations. • Do you have sufficient savings to make down-payments and other initial fees? Most car lease agreements with require that you make a substantial down-payment , this could be between 5 and 20% of the initial cost of the car. When you make a down-payment for a car, you will end up paying less on sales tax on the lease, and such down-payment will also reduce the pressure on your budget and cash flow. • How much do you drive? If you drive more than 15,000 miles , then you may end up paying more on the lease , however this will depend on the lease agreement that you signed. Some leasing companies may charge between 10 and 20 cents extra for additional miles you drive . You need to consider the extra mileage penalties before you get a car lease as such considerations may save you more at the long run. • The purpose for driving the car If your intention is to drive a car for your personal lease, then you may not pay as much on a lease than if you drive the car for a business. When you drive a car for business, a portion of the lease agreement will be used in financing business taxes, The tax deduction on a leased car for personal use is different from tax deduction for business purposes, and you need to consider other expenses on gas and maintenance. • How long do you plan to keep the leased car? Leasing could be the best and most convenient option to get a car if you plan on keeping the car for few years, however you may end up paying more if you opt out of the least agreement just before the lease agreement ends. For this reason, you need to ensure you are comfortable sticking with a lease agreement before you sign up for it to avoid the penalties of breaking the rules. • Your lifestyle also matters If you party a lot or drive out of the town or city frequently, then you may have to deal with heftier repair bills, however if you drive for fewer miles, it becomes easier for you to maintain a lease agreement and spend much less on maintenance or repair costs. Regardless of how you want it, it is often better and cost-effective to get a leased car than outright buying.