Making Sense of a New Car Lease Deal

It's easy for car dealers to make a bad lease deal sound too good to be true

. This is the reason it is important to review every offer you receive carefully. On the other hand, many lease deals can be incredible bargains. Taking the time to research and compare new car lease deals will ensure you get the top lease deal on the new car you want. Here are a few simple tips on how to make the right choice.

Leasing Can Allow You To Drive a New Car More Often

Leasing is a great option for those who drive average mileage for a few years and then trade in their vehicle for a new car. For those who drive 100,000 miles or drive their cars for long after they've paid them off leasing is not a good choice.

Lease terms can be as short as 24 months or as long as six years. If you're looking for the best lease deal aim for a lease term of 24 or 36 months. Any longer and your vehicle will begin to depreciate rapidly, meaning your lease will cost more.

Tip: Make sure the manufacturer's warranty covers your new car for the entire length of your lease. That way you will avoid unexpected repair and maintenance fees.

Upfront Savings Let Drivers Get behind the Wheel of a New Car for Less

When leasing a new car, you're paying only a fraction of the total price of the vehicle. You pay for the amount you use - the amount the vehicle depreciates during the lease term. Since the complete cost of leasing is less you'll be required to pay less at the time of signing. Many lease offers require $0 due at signing - though the first monthly payment will still be required.

Tip: By selecting a vehicle with a high residual value, you will pay a lower percentage of the total price to lease. Try comparing two similarly priced models to see the difference.

Leasing Allows Consumers to Drive a New Car They Would Otherwise be Unable to Afford

Over 50% of luxury vehicle drivers lease. First, leasing a luxury vehicle makes sense as the residual values are usually higher, meaning you'll pay less of the total cost. Second, leasing allows drivers to get behind the wheel of a vehicle they might otherwise not be able to afford. Even though leasing high-priced luxury vehicles is a common practice, you can easily find great lease deals for low priced vehicles.

Smart Consumers Negotiate a New Car Lease Like a Buyer

Many inexperienced consumers think that negotiating a lease is impossible. Of course dealers would like you to believe this myth, but it's exactly that - a myth. The first step to get a great lease deal is to negotiate the price of the new vehicle as if you were planning to buy it. Basically, you are negotiating the price the leasing agency will pay for your vehicle.

Tip: Find out the MSRP and invoice price before you visit the dealership. Aim to agree on a price closer to the invoice than MSRP.

Making Sense of a New Car Lease Deal

By: Mark Meyer

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