Even if you’ve owned a lot of cars in your life, leasing a carcan sometimes be a bit more confusing than purchasing one. It’s often challenging to determine which parts of your lease deal might be negotiable or what your monthly payments should be. Below are a few tips to get the best deal on a leased car.
1. Choose a Car with Value
When you’re on a car lease, you have to pay for the vehicle’s depreciation, sales tax, interest, and other fees, which is why it’s so important to pick a car that has value and depreciates less, making your lease payments lower. In lease lingo, this means your car will have strong residual value and the amount left over after the lease term is over is still fairly high.
2. Review Leasing Deals
Usually when a car isn’t selling well, the manufacturer or dealer may offer leasing deals to increase sales. However, these specials usually offer a low-interest rate, making them an exceptionally good deal. Just make sure you don’t have a high down payment or drive-off fees.
3. Price the Car You Want
Even when you aren’t purchasing a vehicle, you still need to consider the market value. Online vehicle pricing sites such as Edmunds.com and Kelly Blue Book can offer you a fair market sales price for the vehicle you want to lease, as well as the invoice price, which is what the dealer paid for the car.
4. Get Quotes from Surrounding Dealers
When you come up with a target sales price, contact a few dealers and request a quote from their inventory. However, when you talk to them, make sure they have your car in stock and ask for the best sales price they can offer. Don’t suggest that you’re planning to lease the vehicle. You’re only asking for the sales price.
5. Compare Quotes
Once you’ve asked for quotes from surrounding dealers, compare them to get the best deal being offered. One way to identify the best deal is to see how much the dealer is charging over the invoice price. Although the price is changing overall, how it compares to the invoice price can show the best deal.
6. Negotiate Lease Terms
Now that you’ve picked the car with the best sales price and features you want, speak to the dealership that gave you the quote. Tell them you want to lease the car you discussed and want to use the lease payments they quoted. Ask for a 36-month lease, and make sure the lease rate is the same rate they quoted you on. However, you can also use a lease calculator to determine what you can afford and what’s over your budget.
7. Close the Lease Deal
Read over the contract and make sure all the numbers and terms match the ones you agreed upon. You will also need to pay acquisition, disposition, and security fees. If everything looks good, all you need to do is sign and drive home in your new car.
Whether you want to lease or buy a car, Orange Countyis home to an auto broker you can trust. Get in touch with Below Invoice today at 949-630-0303, and we can help you find the amazing luxury vehicle you’re looking for.