No trade-in, but you're only paying the depreciation and not the full value of the car either. I've had friends lease recent model cars on 3year/12K terms and

No trade-in, but you're only paying the depreciation and not the full value of the car either. I've had friends lease recent model cars on 3year/12K terms and get about 60% residual value on their term sheet. I think 1/4 to 1/3 is an extreme case, unless you're choosing really crappy manufacturers that are known to fall in value quickly