This year car manufacturers have been offering some of the best car lease deals seen in years. A little shopping can find you extra-low interest rates and nearly nothing due at signing. These irresistibly cheap new car lease deals could save you thousands on a new car or truck.
Leasing is a great choice for consumers looking for low monthly payments and hassle free driving. Consider paying payments as low as $199 a month, in comparison to the $400 a month it would cost to purchase the same vehicle. If the vehicle is covered by the manufacturer’s warranty for the entire length of the lease, never worry maintenance and repair fees. When the lease is over simply return it.
This all sounds a little too good to be true, but here’s how leasing works:
The new car lease price is based on the difference between the original retail sale price and the retail price at the end of the lease. This is known as residual value. So lets say you want to drive a vehicle worth $35,000 new, and in two years it will be worth $25,000. To drive that vehicle for two years you’ll need to finance just $10,000 over 24 months, plus interest and fees.
If you’re looking for the best car lease deal, consider leasing vehicles with the highest residual value. The higher the residual value the less the vehicle will depreciate over the length of your lease. The less the vehicle depreciates, the less you’ll have to pay!
Negotiate an even better lease deal by getting the dealer to drop the retail price of the vehicle. Learn the MSRP and factory invoice price of the vehicle you’re interest in. Start negotiations with the factory invoice price, aiming to pay less than MSRP. For example, if you can negotiate the $35,000 sticker price down to $33,000, you’ll be financing just $8,000 over 24 months, lowering your monthly payments by about 20%.
In order to get the best car lease deal watch out for the following:
Make sure the mileage limits meet your needs before leasing. Many dealerships will be willing to negotiate addtional mileage into the deal. It is better to plan for it and pay up front, instead of getting stuck with fees at the end of the lease.
Find out addtional fees and taxes before you sign. Depending on your area, the dealership, and manufacturer these can differ greatly. It’s best to research a few different models and compare prices from multiple dealerships if you want to find the lowest price car lease deal.
Careful when leasing your ‘dream car.’ Even though leasing allows consumers to drive a vehicle they might otherwise not be able to afford choose wisely. Make sure you can afford all payments before signing, getting out of a car lease can be a hassle at best and a credit nightmare worst.
Request a free car lease quote today and learn all you need to find the top car lease deals in minutes!
