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Leasing may sound straight forward, but it is important to pay attention to the details. Here's some advice that will help make leasing your next vehicle a little less mysterious and intimidating.
Leasing may sound straight forward, but it is important to pay attention to the details. Here's some advice that will help make leasing your next vehicle a little less mysterious and intimidating.
Shop around. Different dealers and manufacturers will offer different lease rates and are willing to negotiate for your business.
Read the fine print. Find out ahead of time about all the hidden charges. I.e. destination, security deposit, registration fees, lease-end service charges, etc. Make sure you know the full story behind the "special" advertised price of $199 a month!
Stipulate a closed-end lease. If the actual value of the car at the end of the lease is less than its end value, the lessor pays the difference, not you. Conversely, if the actual value is more, you have the option of buying the car for the fixed end value, then selling it at a profit.
Arrange your own insurance. It's generally cheaper than going through the lessor.
Lease vehicles that tend to hold their value well. The niche market vehicles are not always the best buys in the world of leasing.
Negotiate the price. Come to a price before negotiating a lease arrangement. This prevents the selling price from influencing lease negotiation. Go into the lease negotiation with the selling price set.
Avoid lease-end mileage charges. Increase the mileage limit before you enter into the lease. Buying extra mileage over the term of the lease is less costly than paying for the extra mileage at the end.
Avoid lease-end wear and tear charges. Maintain the vehicle well during the lease period. Lessors will not hesitate to charge you for perceived ill treatment.
Remember: if you decide to purchase the vehicle at the end of the lease then, in the long run, leasing may end up being more expensive than financing.
Remember: if you decide to purchase the vehicle at the end of the lease then, in the long run, leasing may end up being more expensive than financing.
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