10 tips to getting the best car lease deals
auto
Leasing a car seems lucrative because the monthly payout is lesser than when you finance your new car. Moreover, your down payment is less, and the leased vehicle is typically protected by a warranty from the manufacturer. These are just a few of the many benefits of car leasing. To make this alternative even more worthwhile, you need to consider some tips and tricks to secure the best car leasing deals that help you save some money.
Here are the top 10 tips to get the best car leasing deals
- Try to negotiate on aspects such as down payment, mileage limit, and the post lease expiry purchase price. Leasing works similar to getting a loan. So, the higher your down payment, the lesser financing charges you would need to bear.
- Try to negotiate on the money factor. This is the number that most lessors use to calculate the cost of leasing, i.e., an interest that you have to bear per month.
- If guaranteed auto protection does not come with your lease, buy it. It is an insurance protection plan that will protect you if the car faces an accident or is stolen.
- To ensure that the monthly payout is as little as possible, try to opt for cars that do not depreciate at a rate higher than average. You can refer to the Consumer Reports’ owner-cost Ratings in the model pages for detailed information on depreciation.
- Dig into the details about the ongoing purchase price of the vehicle, just as you would if you were to finance the same car. After locking in on a price, you should start looking for leasing deals. After all, leasing too is a type of financing.
- Do not opt for leases that extend for a period beyond the factory warranty of the car. We recommend so because this warranty is the most lucrative aspect of car leasing.