1. Equity- the value of the property. Equity can be defined as a difference between assets and liabilities of owned things. Its the ownership interest in some business.
2. Lease - contract granting use of a car for a specific time period in return for monthly payments. When we say we have leased out a property, we mean, we have given that on rent and we are taking monthly charges for the same.
3. Residual - the car's value at the end of the lease. Residual value means the left out value of anything after the lease period is over.
4. Anniversary year - number of years ago car was bought new. The year in which something was bought.
5. Base value - original value or cost of car. Base value is the original price of anything. It is also called base price.
6. Depreciation - decrease in the value of a car with time and use. This means decrease in the value of anything that is being used like automobile or machinery. The value decreases due to wear and tear.
