Rhode Island car lease deals are some of the top savings deals available. Dealerships from Providence, Warwick, Cranston, and many more Rhode Island cities are slashing prices and making it a great time to lease a new car or truck.
To save the most money on your new lease research the Residual Values of all the new vehicles you are interested in. High Residual Values are the key to paying less for your new lease.
Residual Value refers to the amount a car will be worth at the end of the lease term. When you lease a new vehicle you are responsible for paying the dealership the difference in price between the Final Sale Price and the Residual Value.
Every new vehicle starts depreciating in value once it leaves the dealership lot. How much a vehicle depreciates determines what the Residual Value will be at the end of the lease. When you have higher Residual Values, this means a new car or truck retains a good value throughout the lease term, and it leads to lower lease prices.
Let’s take a look at an example that illustrates how a higher Residual Value will benefit you.
You have two new vehicles you are considering for lease for a term of 36 months, Car A and Car B. Both vehicles have a sticker price of $25,000. For the sake of this example we will pretend you pay full sticker price. Car A has a Residual Value of $22,000. So after 3 years of driving it, you return it to the dealership and it is now worth $22,000. The depreciation Car A has gone through is $3,000 so you will be responsible for paying that over the term of the lease, as well as tax and fees. In Rhode Island sales tax is 7%.
Car B, with the same sticker price of $25,000 has a Residual Value of $20,000. So Car B suffers a depreciation of $5,000 over the 3 year lease term and you will be responsible for paying this during your monthly lease payments.
Car A with a higher Residual Value only costs you $3,000 over 3 years as opposed to Car B which costs you $5,000. If you choose Car A you will save yourself $2,000.
To find true pricing so you can figure out which Residual Values offer the best savings, request a free, no obligation lease price quote. We have lease prices for any vehicle you may be interested in. Your free lease price quote gives you an inside look to all the pricing information available as well as hidden incentives and deals that you may be missing out on.
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