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Publish Date - January 05, 2023

Author: Moses Mwangi

Categories:   Auto Loans & Financing    Leasing a Car   

How to Get Great Auto Lease Deals

Leasing a car is the best way to own and drive a new car without having to buy it for the full price. However, you should find yourself a good deal that suits your auto needs and suits your pocket.

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Leasing a car is the best way to own and drive a new car without having to buy it for the full price. However, you should find yourself a good deal that suits your auto needs and suits your pocket. There are many auto lease dealerships today, making the provision of cars easier. For you to get the best out of these services, there are several important procedures to follow, to get the best deals.

Some of the things you need to heed to get a good deal are like carrying out market research, searching for a deal that fits your budget, avoiding extras, checking for special offers, looking for stock cars and choosing shorter leases. Some of these factors are explained below for clarity and to help you get the best deals for your auto leases.

1. Conduct market research for the model you want

It is always a good idea to do good research before settling. Find out about the model you want. Know about its demands like fuel consumption, price of spare parts and how much the whole car costs. These are important details that may dent your pocket if you run into problems with a car you chose without knowing about.

When you decide to lease a car, make sure that the price you are being offered is not far from what the general market is offering for the same model. Remember that the dealer you settle for is out to make a profit for their business. They may therefore not see the need to disclose these details to you. It is therefore a good idea to dig into the market yourself. You can also browse the internet for more information on car leases and current market prices in your area.

2. Compare the prices

As mentioned earlier, many car dealerships are leasing out cars these days. Their prices and offers differ depending on different factors. Although they do not have such a big difference from the established market price, the total difference is always significant at the end of a lease period. It is therefore important to always compare the prices from multiple dealerships before settling on the one that fits your needs and budget.

3. Check out for special offers

Car dealership companies always have offers running throughout the lease agreement periods for their vehicles. They set up these offers to entice lessees and improve their sales. It is good to check out these offers in case the model you want to lease falls among them.

These offers are often set up to benefit both parties, especially the lessee. This is one way to get a good and affordable deal for your lease agreement.

4. Work within your budget

If you go into car leasing with a blind eye then you might be in for a rude shock. Cars are generally expensive to buy or lease and maintain. There are many costs to be considered before possessing a car for some time. Luckily, different cars come with different financial responsibilities. Some cars are bigger consumers than others, while some are easier and cheaper to maintain than others, depending on the model and manufacturing company.

You need to be informed about all these and make decisions that will work for you and the money you have set aside for a car. Find out which car will serve you for the period of the lease without breaking outside of your financial plan.

5. Look for a shorter lease agreement

When looking for a great auto lease deal, get a shorter lease agreement. A longer lease accumulates costs over the months. At the end of the agreement when you make the total calculations you realize that it costs more.

In addition, leasing a car for a long time will leave you with additional costs. Some of them arise from the fact that the vehicle depreciates over time. The dealer needs to compensate for this depreciation since the car cannot be restored to its original value at the beginning of the lease period. This is why you should only take shorter lease agreements. This way, the depreciation cost will only be a small percentage by the end of the agreement.

6. Consider the total cost of buying

Before settling on leasing a car, calculate the total cost at the end of the lease agreement, including the cost of repair and maintenance. Then, look at the cost of buying the vehicle altogether. You may find out that it is more economical and pocket friendly to buy rather than lease. In other situations, leasing may be better than buying. You have to look at it from all angles before deciding, to make sure that you come out with a great deal for yourself.

7. Choose a low annual mileage agreement

When choosing a mileage agreement, always go for the lowest plan that fits your need for the car. Calculate how many miles you travel every week then multiply that by the period of the lease agreement you settle on. Give it a five per cent window for emergency journeys that may not be part of the plan throughout the lease agreement period.

Dealerships always charge fees for extra mileage, which is indicated in the contract. Excess mileage every day or every week may accumulate to large fees at the end of the lease agreement. This is how you will end up paying way more than you had anticipated. Therefore, choose a low mileage that will work for you and stick to it.

8. Maintain the car well

Once the keys are handed to you, it is your responsibility to take good care of that car. At the end of the lease agreement period, the dealership expects you to hand the car back in a good condition. If there are any damages to the parts or functionality, you will have to pay extra to have all the issues fixed. It is therefore advisable to treat the car as your own and maintain it as best as you can. Look after it well and give it all the care it needs. The car is usually handed to you in a good condition, with every part functioning well. While under your care, ensure to take it for regular car servicing and avoid pushing it past its extremes, to maintain its engine and parts.

Wrapping it up

Depending on your short or long-term auto needs, renting a car is sometimes a good idea. As a lessee, you should consider your situation and ensure you go home with a great auto leasing deal. There are many ways to achieve a good and pocket-friendly auto deal for you as mentioned above. If you do it right, you will end up enjoying the perks of your auto lease agreement.