Car leasing is a good alternative to having to purchase a new car. You get the comfort of making lower monthly payments and still enjoy the latest car brands. The cars come with a warranty that is covered by the manufacturer. The down payment is lower compared to what you would have parted with when purchasing a new car, making leasing a popular solution for many today.
Even with these appealing advantages, many are still misinformed about the best way to secure car leasing deals. Many lack knowledge on how to negotiate monthly payments and strategies that ensure a favourable leasing deal. Below are tips to help you get the best personal car lease deals.
Choose a car that can hold its value
There are so many car brands out there and it can be difficult to select the best car to lease. Choosing a car that has a good resale value is an advantage to you because your monthly payments will be lower. A good resale value means that the rate of depreciation for that car is lower, thus has a high residual value. So, when you are searching for a car to lease, search for cars advertised to have the best residual values.
Have an estimated budget
It is good to calculate and see how much you can afford to pay as the monthly payment before leasing the car. This will help you to choose only car leasing deals you can afford. To calculate you will need the residual value of the car. Search online for different cars and pick the residual value together with the mileage and down payment and make use of online calculators to generate your figure.
Take full advantage of the lease deal
It is good to understand all the aspects of the leasing deal before making a deal with the dealer. This helps you to plan how best you can use the car to your advantage. There is always a limit to the total mileage you are supposed to cover in a year. Approximate and choose a car with a mileage limit which will favour your lifestyle to avoid paying if you exceed it. Consider leasing the car as long as the warranty period is active. You will not want to keep investing more in a car that you will never finally purchase.
Get multiple quotes
Searching online is the best, as you will save both time and money. Contact different car dealers and get different quotes for the car you are interested in. Ask for the sale price and do not disclose your interest to lease. Also, check leasing special offers offered by different dealers before settling on one that impresses you.
You are now ready to lease the car of your choice. Go through the contract carefully and make sure all the terms are accurately stated. You can sign and make the necessary payments and enjoy your new ride!