You need a car, but if you cannot afford to purchase it, auto lease companies got you covered. However, it’s not just about penning a lease agreement; you need to ensure you get the best deal based on the vehicle’s market value.
If you are shopping for the best deal, you might be surprised to realize even veteran buyers have troubles when leasing a car. If you have an idea of the options that work for you, here are some tips that will help you get the best deal.
Choose a Vehicle that Holds Value
Some vehicles are known to hold their value than others. Leasing a car essentially means that you will be paying for the car’s depreciation, interest, tax, and other fees. Thus, choosing a vehicle that holds their value reasonably well means that you will not be subjected to high interest rates such as those paid by individuals who opt for cars with a high depreciation rate.
Check Leasing Specials
Another way to reduce your monthly payments is to go for leasing specials. These are essentially lease deals on cars that are not selling quickly enough. Instead of having the vehicle depreciate while it’s still on the showroom, leasing companies might tweak the leasing formula to offer a reasonably low monthly rate. See to it that the deal does not have high down payments, and the agreement should allow for at least 12,000 miles.
Price the Vehicle
You need to do some due diligence on your part to establish the market value of your car. You need to look at things like the fair market price and the invoice price while doing your calculations. The invoice price represents the lowest price you can find, which is essentially what the dealer paid. Ideally, you need to find the real market value.
Most car dealerships are glad to offer you car price quotes quote. Considering that you have an idea of the market value, get a number of quotes from different companies and choose the best. When looking for quotes, it is advisable to start by getting the sales price, and do not give any indication that you might be leasing the car.
Once you get a dealer that offers the best market value, proceed and ask them for lease payments. If the payments fit your budget, close the deal and enjoy your new ride.