Ways To Save When Leasing a Car

9 Ways to Save on a Car Lease

Leasing is popularly becoming a way to save money when getting a vehicle. Almost one third of the new cars of today driven off the lot of the dealer are leased instead of being purchased. Like most leases, the payments every month are pretty reasonable and you simply return the car at the end of the lease.

 

 

 

 

The key to walking away with a lot of money at the end of the lease is to think ahead. Always plan ahead even if it will cost you sleepless nights. The rewards are worth it. You should also lease smartly and protect the value of the leased car. Here are a few tips to save money when you lease a car:

1. If you are going to negotiate the purchase price of the vehicle, try to imagine as if buying a car. Once you get a pretty solid price then you should talk about leasing. It is just a kind of financing after all.

2. Remember that you can also negotiate the down payment, the price for purchasing-option and the mileage limit. It is just like a loan, as you put in more money, the lesser the finance charges are going to be.

3. Don’t forget to have a negotiation for the lease money factor. This is the amount used by a few lessors in order to find out about the interest or the part of the monthly payment.

4. Make sure to get the Guaranteed Auto Protection(GAP) insurance so that you get protection in the case of the vehicle getting totaled or stolen.

5. In order to have low monthly payments, target cars that do not have fast depreciation. You can find information regarding depreciation on the ratings of the owner-costs of Consumer Reports. Depreciation and other factors are shown in detail in the model pages.

6. Do not take a lease that extends beyond the warranty of the car’s manufacturer. The manufacturer warranty is one of the useful parts of a lease.

7. Take note of the end-of-lease procedures as well as fees. This might be applicable if you return the car with almost new tires or side mirrors. Make sure that the fees and policies are fair and clear.

8. Purchase additional miles up front if you think you would run over the typical allotment. You could always have the money get spent on extra, miles that are unused and returned at the end. Whatever mileage overage could come at an high rate.

9. If you want to buy after the lease ends, you have to make sure first that the vehicle has the value of the least purchase price. This is not often the case if you had gotten into a subvented lease. Here the automaker somewhat raises the remaining value. If the vehicle is worth below the price of the buyout, try bargaining the price down.

Leasing might not be applicable to you. If you are however, into leasing, you will find it appealing since you can get a technically new vehicle for a certain period of time for fixed ownership costs. Make sure that you know how to negotiate a car lease before you sign the contract.