Leasing a new car is a great choice for drivers looking for lower monthly payments, drive a new car more often, and avoid maintenance hassles. When leasing a new car, you’re only paying for the use of the vehicle for an agreed on period of time. The cost of the lease is determined based on the amount the vehicle depreciates during the lease term.
When shopping for car leases deals there are a few important things to keep in mind:
Current Lease Deals: New car lease deals change regularly. Often you can find the best car lease deals advertised by car manufacturers or dealerships. These deals may sound too good to be true, however if you qualify they are usually the best lease specials available.
Work to improve your credit score before leasing in order to take advantage of the best deals available.
Negotiating the Lease: Don’t let anyone tell you a new car lease can’t be negotiated. Before visiting a dealership learn the MSRP, factory invoice price, and all current leasing offers. Armed with up-to-date information, you can negotiate the lowest lease price for your new car.
Lease Term/Length: Consider the length of the lease carefully. Be sure you can afford to make the required monthly payments. Find out what will happen if you need to terminate the lease early. Many lease companies will allow you to transfer your contract, however it may be difficult to do so without losing money.
Most often lease terms of 24 or 36 months are the best deals.
Mileage Limits: Many car leases are limited to between 12,000 and 15,000 miles per year. If you exceed the mileage limit you could be charged as much as $0.25 a mile. Such fees can add up quickly. Before you choose a lease, estimate how many miles you’re likely to drive annually. For a higher monthly payment you can increase the mileage limit.
If you plan to drive much more consider buying instead of leasing.
Wear & Tear Fees: It is important to find out what kind of damage is considered normal wear and tear. No leasing company will expect you to return the vehicle in showroom condition, but they will charge you for damages.
Make sure the manufacturer warranty covers the vehicle for the entire length of your lease. If not you could be stuck with extra repair and maintenance fees as well.
Lease End Options: Learn what options are available to you at the end of the lease. You can simply return the vehicle, choose to buy the vehicle, or in some cases, choose to re-lease the vehicle. If you’re considering one of these options when lease shopping consider your choice carefully.
Best Car Lease Deals: Find the best car lease deals today! Request a free lease quote and learn all you need to get the best deal on your new car or truck. Connect with local pre-qualified dealers offering the top car lease deals in your area!
