How to Get Great Car Lease Deals
Even experienced car buyers can get confused when it comes to finding the Great car lease deals.
The jargons over the paper are confusing, and it’s not easy to know what the monthly payments should be or what parts can be negotiable to find the great car lease deals.
Leasing is just another way to fund a car and it becomes a norm. Almost 30 percent of cars are leased at the dealership. It can be the right alternative for people who like to change cars more often or lack appropriate funding. Plus, you never have to worry about the hassle of selling your vehicle, and it’s very simple if you aren’t staying in the same area for more than a year or two.
If you think that leasing is the right option for you, here’s how you can find the best deal on leasing. If you already decided on the car model to be leased, and you don’t plan to buy it once the lease is over.
Here are some effective leasing strategy
Do Your Homework and Research Leasing Terms:
Make sure to do your homework and get familiar with leasing terms. Not everyone is familiar with car leasing and some persons will need to learn how leasing works before opting for this sometimes complicated process—and jargons are also important to understand.
Get a Car That Holds its Value:
When you lease a car, you are paying for its depreciation, tax, interest, and some fees. So if you get a car that holds its value, or depreciates less, you are likely to get lower lease payments. Or you can say that the lease payment will be lower if a car holds its value.
In industry language, a car with great resale value has a strong residual value. A residual value means the amount that’s left. It is still high when your lease term ends. Many car websites and magazines issue annual lists of cars with good lease. Here you need to search for great residual values.
Obtain Quotes from Dealers:
Get quotes from several dealers to determine the best leasing price. You can request a quote directly through their website, over the phone or meet them in person. Ask them if their stock contains the car you are looking for.
Look for Special Leasing Offers:
When a car isn’t selling quickly, the manufacturer might resort to leasing offers to move it as soon as possible. Generally, such leasing offers to promise a low monthly payment by altering the leasing formula is one of a number of ways, such as offering the car on the low-interest rates. However, make sure the lease amount covers not less than 12,000 miles. Simply put, make sure there are no mileage restrictions on the vehicle.
Don’t Hesitate to Negotiate:
Just because your desired car has a fixed price tag on it doesn’t mean you have to pay the asked amount. There is always room for negotiation. Never settle on the sales price, especially when leasing a vehicle. To get the best lease deal, you have to negotiate the price down to an amount you can afford to pay. This way, you can save a lot on leasing.
Be Careful with Mileage:
Every leased vehicle comes with mileage restrictions. If you exceed those mileage restrictions, you will have to pay money per mile covered. Therefore, you need to stay under the set mileage limit to avoid any additional fees or penalties.
If you are likely to drive more than your miles limit, make sure to ask about buying more mileage. If you know that you won’t need as many miles as the lease sets, trying to negotiate a lower monthly payment by trimming the mileage.
Avoid Opting for Those Expensive “Extras”:
When you lease a vehicle, you are told about some add-ons that might be sometimes out of your budget. If you are not sure, just say no. Unless they are something you really require in your newly leased car, avoid purchasing them. Plus, you might not consider them as your lease period is up to two years or so.
So these are some ways to get great car lease deals. What do you think? Please let us know by commenting below.