Car leasing has been a growing trend in the last few years. More and more people are choosing to lease cars rather than buy. A car purchase, for most, is a long-term commitment. And since the automotive industry comes out with new innovations at the speed of light, this extended commitment can feel restrictive for many. With car leases, you have a lot more options of trading up to the most current model every 2 to 3 years.
But of course not all lease opportunities are equal, you will need to do some homework to find the best one for you. Here are seven tips designed to help you in that process:
1. Figure out if leasing is right for you.
Leasing is not for everyone, it offers many benefits but also has some drawbacks. One of the key advantages to leasing is the smaller monthly payments. This allows you to drive a more premium vehicle than you would with a purchase. Also, it requires less money down. When leasing a car, you have a contract for a specified time. So there is no need to sell the car at the end, just simply return it to the dealership.
There are also disadvantages when leasing a car. Lack of ownership mean restrictions on what you can do with the vehicle. You can’t customize the car, there are limits on the mileage you can drive and the car has to be well maintained to avoid penalty fees. Do your research to first figure out if leasing will work for you.
2. Set the terms of your lease.
When leasing your car, you will have to decide on the terms. You’ll need to decide on the down payment amount, the span of the lease and how much you want to pay each month. Guaranteed auto protection (GAP) insurance is usually required by most lease contracts.
3. Pick your car.
Consider your practical needs when picking a vehicle. Coupes are fine for singles or couples without kids. But for those with kids or plans on having kids, should probably opt for a car with more doors. Fuel economy is another important thing to keep in mind. But one of the biggest things is probably the car styling. Pick a car with a style that reflects you and with functionality to suit your needs.
4. Look for lease deals and special offers.
More and more car manufacturers are offering leasing incentives created to make leases more appealing. Some of the best lease deals can be found at eAutoLease.com.
5. Drum up quotes through each dealerships internet department.
Once you find some great lease deals, you will be ready to hit the trenches. Rather than going to a dealer in person, contact their internet department via email or phone for a quote. Once you acquire a quote, follow up on it using the lease terms that work best for you. After getting a few different quotes, you will be able to compare.
At this point, you can negotiate for additional savings. Some choose to skip this step and simply go with the lowest quote they get. But many times, if you bargain, you will be able to get an even better deal than originally quoted.
7. Sign the documents.
Once you agree on the numbers, all that’s left is to make it official by signing the paperwork. Make sure you review everything to see that the numbers match up with what was agreed upon. If everything is good, sign on the line and drive away in your new leased car!