Leasing a car is a very easy and straightforward process. However, it in order to get the best price for the car you want, follow these simple steps:
1. Determine what kind of car you want and need. Are you looking for something sporty or more practical? Do you need 4-wheel drive? Are you hoping for a convertible or an SUV?
2. Look at the different models of cars that you can afford. Keep in mind you can reduce monthly car maintenance fees by choosing a vehicle that gets good gas mileage, that has low service costs, and that has a good insurance premium. Speak with your car insurance company to get an idea of the price of insurance on these models.
3. Test the car. It is a good idea to always take the car you are interested in on a test drive. Make sure you feel comfortable in the car, that you can see well, that you like the brakes, and are not bothered by any interior noises. Don’t mention to the car salesman you are looking to for car leasing deals until number 6.
4. Find out about the car’s safety features. While on your test drive speak to the salesman about the airbags, the antilock brake system, and the stability features. All of these are very important and valuable.
5. Do your research. After your test drive, go home and look at lease deals. Compare different companies and figure out exactly what you can and cannot afford.
6. Decide on a price. Don’t tell the car salesman you are looking to lease until you have both agreed upon a price. A little-known fact is a monthly lease amount is determined by the car’s final sale price.
7. Start from the bottom and negotiate upwards. You can find out how much a car costs wholesale by visiting consumer reports and paying a small fee per vehicle. This will give you a good idea on what a bargaining starting point should be. Your final price will be in between the wholesale price and the dealer RRP.
8. Beware of low monthly payments. While it may sound better to have a lower payment, it is good to keep in mind that that this may increase the lease term or may actually increase the amount you will have to pay in the end. Look at the entire amount of the lease before signing anything.
9. Pay your lease. It is worth noting that the more you pay upfront in the form of a down payment, the less your monthly lease payment will be. Also, remember that if you do not pay your payment on time or at all, you will face penalties. If you decide to terminate your lease early, it may result in a hefty fine. Unless, you are trading in the car for a different lease or to purchase a car outright.