Hence why I bought the wife's new 5 door MINI Cooper S on a 1+23 month lease dealNope, you've understood it well.
You're basically paying for very steep depreciation and a large sum of interest over 2/3/4 years, then handing it back and starting again....
It's not *that* terrible if you already spend vast sums of money on changing cars every couple of years though....
It works for me as the good lady likes to change her regularly. At least this was she HAS to keep it for 24 months
@DrEskimo - AgreedI guess the trick is to not think about it too much, and as you say, enjoy the things your enjoy in life