If you’re looking to lease a new car, the following ten guidelines will help you find the best lease deals on cars in your area. Start today by requesting a free lease quote!
1. Leasing vs Buying: If you’re planning to drive your new car for a few years leasing will be the better choice for you. If you plan to drive your vehicle for years, then buying is best. Buying will allow you to pay off your loan and drive debt free for a time.
2. Residual Value: The best lease deals on cars are for vehicles with a high residual value. Research brands known for high resale values and check multiple models before you make your selection. Remember, since you’re paying for the ‘amount of the vehicle you use’ during the lease, the higher the residual value, the less you’ll have to pay.
3. Close-End Leases: It is best to choose a close-end lease. With a close-end lease you agree to the value of the vehicle post lease at the time of signing. This way you will not be hit with surprise charges if the vehicle depreciates more than expected.
4. Negotiate the Cost: When negotiating the price of your lease concentrate on the capital cost. Start at the factory invoice price and aim to pay less than the MSRP.
5. Mileage Limits: Before you lease, calculate how many miles you drive annually. Make sure the lease covers this amount. If you exceed the mileage limit you will have to pay a per mile fee at the end of the lease. If you drive more than 15,000 miles a year you may want to consider buying.
6. Down Payments: Making a down payment can lower your monthly lease payments. Though this is not required, it can decrease the amount of interest paid over your lease term.
7. Monthly Payments: Car dealers will try to entice you with low monthly lease payments. Lease payments can easily be manipulated to make a bad deal look great. It is important to base your decision on the total cost of your lease and not the amount you will pay per month, no matter how good it sounds.
8. Warranty Coverage: If the manufacturer’s warranty covers your vehicle for the length of your lease you’ll never need to pay for major repairs.
9. Modifying Your Car: Normally you cannot make changes to your lease vehicle. Choose a color you and request all of the accessories you require at the time of lease.
10. Terminating a Lease: It is possible to terminate a lease before the term is up. However, transferring or terminating the lease can be costly, it’s better to be sure you can afford the lease before signing.
Find the top car lease deals today! Request a free new car lease quote and learn the best leasing specials in your area. Arm yourself with the information you need to negotiate the lowest new car lease price. Connect with local dealers ready to offer the cheapest new car lease deals!
