4 tips for scoring a good auto lease
Buying a vehicle can burn a big fat hole in your wallet. This is why it makes sense to lease a vehicle rather than spend a whole lot of cash buying one. But is that all there is to leasing? Are you sure that leasing a car for long periods won’t turn out to be expensive? Are you aware of all the clauses in your lease? Are you getting a good car leasing deal? If you want these questions answered, this article will be of help.
Leasing a car is basically like renting an apartment. The car is not yours but you get to use it for a stipulated period of time in exchange for a sum of money. This sum is based on the value of depreciation of the car, fees, interest, and taxes.
Leasing a car is no joke. The entire process can even leave veteran car buyers dumbfounded. But is it worth the money? Yes, but if you meet the following criteria:
- You do not have the cash to buy a car
- Lifestyle demands a car that’s outside your purchasing budget
- You like to replace the car with a new one after a year
- You will not exceed the miles mentioned on the contract
Tips to Find Great Car Leasing Deals
Here are four handy tips that will help you get the right car on lease:
- Choose the Right Car
Before we even get to the part of understanding the intricacies of car leasing, you need to ensure you know what kind of car you want. You can choose from a variety of four-wheelers based on your budget and need. Once you’ve chosen the type of car you want, narrow it down to the model and make and then take it out for a test drive.
- Verify Value and Price
You need to know the residual value and the invoice value of the car. The residual value is the price of the car after the lease period and the invoice price is the price at which the dealer purchased the car. The lesser is the difference between the residual value and the selling price, the lesser will be the lease amount on the car.
- Get Quotes from Different Dealerships
One of the most important aspects of shopping, in general, is to cross-check deals at multiple places. This will help you see where you’re getting the best price, best rates, best anything. Also, verifying the costs might be confusing but you need to cross-check this with the invoice amount.
- Check the Lease Payments
Check all the parameters of the lease contract. There are a lot of words that you may not understand, so get the price and ask for the breakdown. Study what each means and look for any underlying clause that could cost you. Do not sign off anything without double-checking the vehicle and the contract.