Vehicle leasing is a financial arrangement where a person or business pays to use a vehicle for a specified period, typically two to four years. Instead of buying the vehicle outright, the lessee makes monthly payments to the leasing company, which retains ownership. At the end of the lease term, the lessee usually has the option to purchase the vehicle or return it. Leasing often includes benefits such as lower monthly payments compared to financing a purchase and the ability to drive a new vehicle every few years. However, there are mileage limits and potential fees for excessive wear and tear, which lessees should consider before entering a lease agreement.