Want an awesome deal on a new car lease? We know it can feel overwhelming trying to figure out where to even start. But a little insider knowledge goes a long way to landing a sweet lease at a price you love.
Here is a walkthrough of top 10 tips for getting the perfect deal based on our experience.
Do Your Homework
First thing’s first – get familiar with the makes and models you’re interested in by doing some deep research online. Compare pricing, features, reviews and more across different dealerships. This gives you power when negotiating later. For example, you may research a mid-size SUVs for a month before leasing. The research will help you know what a fair price was. If you want our recommendation then try car leasing at firstvehicleleasing.co.uk
Define Your Budget
Make a detailed budget worksheet including factors like: monthly payment limit, initial deposit amount, insurance estimate, gas, routine maintenance reserves, etc. Have a crystal clear idea of the monthly cap you can realistically afford for payments. For example, if you know you can swing up to $450 per month, only look at lease deals meeting that limit.
Check that Credit Score
Your credit score impacts what lease terms lenders will offer, so give yourself plenty of time to review your score and improve it if needed. Check score 6 months before leasing to allow you to boost it by paying down old debts. Higher scores qualify you for lower rates.
Consider Lease Length
Longer lease terms like 48-60 months have lower monthly costs but higher overall spend. Shorter leases let you swap cars more frequently but have pricier monthly payments. For instance, a 36 month term will give you balance, cost and flexibility. Make sure lease length syncs with your goals.
Haggle the Purchase Price
Don’t accept sticker price! Negotiating a lower purchase price for the car before discussing lease terms can really lower your payments. Always negotiate.
Compare All the Offers
Spend time searching both dealer and third party lease listings online. Compare all the essential factors like price, fees, mileage etc. Also build a spreadsheet to easily see 10 offers side-by-side. The best deal isn’t always most obvious. Take time to thoroughly review options. Websites like MoneySuperMarket and Lease Fetcher can help you find the best lease deals.
Factor in Residual Value
The car’s estimated residual or resale value at lease end affects monthly cost. Cars that hold value better typically have lower monthly payments. Make sure to only consider cars with strong residual values to maximize savings.
Watch Out for Extra Fees
Don’t just look at the monthly payment – take note of all additional fees too like acquisition, disposition, documentation fees. They add up! Ask the dealer to waive as many minor fees as possible. Every dollar counts.
Prepaid Maintenance
Some lease deals bundle prepaid maintenance for routine services like oil changes. This saves hassle and money down the road. Make sure to ask what scheduled maintenance is included if any. You have to value not having to worry about servicing costs.
Scrutinize the Fine Print
Never ever sign a lease contract without reading every word first. Make sure you clearly understand mileage limits, wear and tear guidelines, addition of car mats, early termination policies and all fees. Shady dealers rely on you missing the fine print! Read through it multiple times.
Using these tips will help you recognize and negotiate an awesome lease with ideal terms under your max budget! The savings added up. Going in armed with knowledge and doing diligent research is key to landing the perfect deal for you.
