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Save Money And Get Out of Your Car Lease

It’s no secret that our wallets are really taking a hit from the astronomical gas prices. My wife and I both own small cars, so we do not get hit as hard as people with trucks and SUVs. Did you recently lease a truck, SUV, or other gas guzzling car? Are you trying to find a way out of the lease? CNN Money has a great article about how to get out of your SUV lease. Popular websites such as Lease Trader and Swap A Lease will help you transfer over your lease to someone else.

First of all, I don’t think it’s a financially smart move to lease a car in the first place. Why would you rent a car for a period of time and be told how many miles you can put on it in a given year? Then, at the end of the lease, they give you the option to buy it at a price that is MUCH higher than it would have been if you were paying down a car loan. I just don’t get why people lease cars. I can understand why companies lease them. Whether they buy a company car or lease it, it’s still just an expense to them. But, there’s no reason why you should lease a brand new car just because you like driving a new car. Now, people who leased an SUV or a truck are really feeling it. Their gas expenses are horrible and they don’t even own the car!

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Make sure you check out the article from CNN Money. It may be an option you are interested in. The article explains all of the fees involved. Make sure you do the math to see if it is worth it for you to pay the fees to transfer over the lease. If you recently leased the car, you’ll have an easier time transfering it rather than someone who is nearing their mileage limit on the lease. If you are looking to make some progress on paying off debts, this should definitely be something that you consider. Think about how much more you could pay off on your credit cards or student loans if you did not have that lease payment? You could buy a $1,000 a car, knock out your debt, and then start saving up to buy a nicer, newer car.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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