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If you decide to research on your own consider the following before choosing a lease.
Residual Value: Select a vehicle with high residual value, doing so will allow you to pay a smaller percentage of the vehicle price for your lease. Residual value is expressed in percentages, look for models with residual values around 50% after 24 months.
Lease Term: The lease term is simply the length you agree to lease the vehicle. Lease terms vary greatly, we recommend leasing for 24 or 36 months. Shorter leases lessen the amount of interest you’ll pay. A shorter lease is also beneficial because vehicles more rapidly lose value the older they get.
Mileage Limits: Most vehicle leases limit your mileage to around 15,000 or 20,000 per year. If you drive more than this you will have to pay a “per mile” fee. To avoid this fee you can increase the mileage allowance, however you’re monthly payments will increase as well. If you drive much more annually, perhaps you should consider purchasing instead.
Interest Rate: Unless you pay for your lease in one lump payment you’ll be financing the payments. Look for an annual interest rate or APR similar to what you would pay if purchasing. To calculate the interest rate multiple the money factor by 2400.
Dealerships are not required to provide the money factor, but the majority do. If the dealer is unwilling, shop elsewhere.
Monthly Payments: Dealers often entice consumers with low monthly payments. Though paying less each month may sound great, you’re likely to pay more over the length of your lease. Lower monthly payments usually mean an increase lease term and adding to the overall amount of interest you will pay.
If you would like to lower your monthly payments and still save you do have a few options. One is making a larger down payment on your lease, this will lessen the remaining balance you will have to pay over the term. Some manufactures also allow you to pay addtional security deposits, these are refundable after your lease.
Warranty Coverage: Make sure that the manufacturer’s warranty covers the vehicle for the term of your lease. It’s best to select a vehicle with the most comprehensive warranty coverage to be sure you’re not stuck with any repair or maintenance fees.
Additional Fees: Dealers are required to provide consumers with an itemized list of all lease charges and fees. Request this before signing a contract and review closely. This is your opportunity to ask questions and make sure you’re getting the best deal possible!
