Leasing A Car: How To Do It And Mistakes To Avoid
If you need to drive to work, you should know that buying isn’t the only way. There’s leasing, which offers you a more affordable way to get into a new ride every few years. In fact, nearly one-third of all new car transactions are leases. Here are a few things you should know about leasing before you swing by the dealership.
How to Go About Leasing a Car
If you’re looking to lease a vehicle, here’s what you’ll need to do:
Research your options: When leasing a car, you have numerous options. So, you’ll want to narrow down the brand and type of car you’re interested in while factoring in how much you can afford to pay.
Visit dealerships: Next, you’ll want to visit at least 3-4 different dealers in your area and take a few test drives. This will help you pick the right car for you at a competitive price.
Negotiate the terms: Remember that it’s not just the price of the car you’ll need to negotiate; you can also negotiate additional perks, but make sure to get everything in writing.
Compare offers: Remember when we told you it’s a good idea to visit at least a few different dealerships. This is so you can compare offers and pick the best deal. If one dealership quotes $430 for a mid-size SUV, ask the next dealership if they can give it to you for under that amount or throw in a few additional perks for the same price.
Maintain the condition of the car: Unlike when you purchase your own car, you’ll need to surrender your leased car at the end of the term. If it’s not in good condition, you might just have to pay more money to the dealership. Keep this from happening to you by getting the car serviced at regular intervals.
Mistakes You Need to Avoid
Leasing is a convenient option for people who don’t want to purchase a car, but it can be pretty expensive if you don’t pay close attention to the terms and conditions of the agreement.
A few serious mistakes that you want to avoid are:
Paying too much cash upfront to the dealership
Not opting for gap insurance
Underestimating how much you’ll use the car
Not maintaining the vehicle
Leasing a vehicle for too long