Sometimes, you only need a short term lease lasting less than 3 to 6 months. With that, you can drive your chosen vehicle for the shortest time possible. You won’t need to keep paying for a vehicle you cannot own for three to four years.
However, short-term leases are less common. People only get to enjoy them if they need a vehicle for a short time and on special arrangements with another lessee or the leasing company. Do you know how to get the cheapest short term car lease for 3 months? This article explains all you must do to get it.
What Is a Short Term Car Lease
A short-term car lease lasts for several months to a couple of years. It can be for three months, six months, 12 months, or 24 months. It works the same way as a long-term lease, with the main difference being the shorter lease term.
People opt for a short-term car lease when they want to drive a car for a short time and avoid getting tied down to a long-term lease. For example, when travelling out of town for work for some time, a short term car lease 3 months is most appropriate.
Since short-term car leases are for a shorter time, they usually result in higher monthly payments. But it all depends on how you get into the lease. In many states, you may have to pay specific fees and taxes.
Best Ways to Get The Cheapest Short Term Car Leases for 3 Months
Are you considering a short term 3 month car lease? Whether or not you have done it before, there are several ways to do it. Therefore, be sure to try out the following to sign up for a short-term lease for three months:
1. Take Over an Existing Lease
Did you know you can take over another driver’s car lease and pay for it for the next few months? Some drivers opt to get out of their leases early by posting on lease-takeover platforms. You can go to any of these platforms and search for a suitable vehicle based on the remaining lease term, vehicle model, and location.
Lease-takeover platforms can help you get available suitable leases and streamline the lease transfer process. It is much better than contacting the leaseholder and arranging the swap. The following are some of the best lease-takeover sites:
- Lease Trader
It is one of the best ways to get a good vehicle without making a long-term commitment. Plus, you’ll be able to lease a car without making a substantial down payment, a requirement for those with poor credit.
Since you’re taking over someone else’s lease for three months, expect the original lease price, monthly payments, lease term, and mileage limits to remain the same. You can’t renegotiate the lease since it’s already mid-term.
If you cannot find a suitable short-term lease, you could enter into a typical 3-year lease. After three months, you can request that people show interest in taking it over. However, there’s no guarantee that you’ll readily find someone to take over the lease.
2. Get a Long-Term Car Rental
Do you want to have perpetual mini-leases? In that case, you should go for a long-term car rental. This option is good since it requires no financing, mileage limits, and a down payment. It’s the best option for those who want a short term car lease for 3 months.
The following are some of the benefits of getting a long-term car rental:
- Flexibility: This is a car rental. It isn’t a typical lease, so it doesn’t lock you into a contract. You can return the vehicle any time and pick a new one.
- No Mileage Limits: Renting a car comes with little or no mileage limits. Therefore, you can drive the vehicle wherever you wish without restrictions. However, some specialty vehicles may have mileage limits.
- Easy Change of Cars: Did you know that changing car is straightforward with a long-term rental contract? You can switch to a new vehicle mid-term.
However, a long-term car rental contract is more expensive than a typical car lease. Thus, you’ll pay more for renting a car for three months than taking over an already existing lease. So, it is not the best when it comes to getting the cheapest short-term lease for three months.
3. Get a Traditional Short-Term Car Lease
Alternatively, you can get a traditional car lease for three months. The problem is that short-term car leases are more challenging to find. Getting the right short-term deal might take long hours of sustained shopping.
Most automakers offer long-term car deals with incentives. For example, a manufacturer may offer vehicles coming to the end of the product cycle for much less on a lease. Thus, you will likely find more 36-month lease deals than 24-month ones.
Remember that short-term car leases have more expensive monthly payments than long-term leases. That’s because the cost of the vehicle is spread over a shorter time than usual. Thus, you must make higher monthly payments.
Pros and Cons of Short Term Car Leases for 3 Months
There are many reasons why a short-term car lease is a good option for you. However, not everyone may find it beneficial. The following are the pros and cons of short-term car leases for 3 to 6 months:
- Shorter Commitments: A short-term lease should take several months to two years. Therefore, you have a shorter commitment than a long-term lease, which can last up to 60 months. It is the best way to get a temporary vehicle due to the nature of your work.
- Faster Switching to New Cars: One of the apparent benefits of taking a short term car lease for 3 months is how it enables you to get a newer car often. Once you get bored with your current vehicle, switch to a new one hassle-free.
- Ability to Save Money: Did you know you can save lots of money by taking over someone else’s lease? You’ll not only pay less per month than you should but also avoid making a down payment on the vehicle.
- Limited Availability: It’s harder to find short-term leases due to restrictions by manufacturers. Most manufacturers offer long-term leases on which they can provide incentives.
- Mileage Limits: Leasing is different from financing a vehicle for purchase. It comes with annual mileage limits (12,000 to 15,000 miles), making it challenging to drive the vehicle as you wish.
- Higher Monthly Payments: What you pay for a car lease depends on the expected depreciation over the lease term. Some other fees and taxes go into determining the cost of renting a car. Due to the shorter lease term, monthly payments on a short-term car lease tend to be higher than usual.
The Bottom Line
Now that you know how to get the cheapest short term car lease for 3 months, why don’t you try it? Instead of driving a vehicle for more than three years before returning it, you’ll have it for only three months. Depending on how you entered the lease, you’ll either enjoy cheaper payments or suffer more expensive costs.
Remember, taking over an existing car lease is a good option since it results in cheaper monthly payments and the avoidance of a down payment. Long-term car rental and conventional leasing may turn out to be expensive.