You might be surprised to learn that car leasing follows a similar strategy to car buying. It’s all about being prepared before you go to the dealership. In particular, there are a few steps you can take to get a great car lease.
Know Your Prices
Do your homework before you walk into the dealership and know your prices. Not just the wholesale price of the car that you want, but the blue book value of your trade-in, if you have one. You could then negotiate an equitable lease rate and maximize the value of your trade-in.
A lease agreement has provisions for options such as down payment, mileage limit, and end-of-lease purchase. Prepare to negotiate the terms of these options with your dealership. Also, the amount of down payment affects your lease interest. A larger sum could reduce the interest rate.
Make sure you know what is required when the lease expires and it’s time to return the car. For example, you might need to return the car with fairly new tires. Knowing the terms in advance, could help you to avoid penalties.
Avoid Mileage Overage
Check the mileage terms of the lease. If you anticipate driving over the allotted mileage, then you might want to consider purchasing extra miles at the beginning of your lease. If this sounds like something you’d consider, ask the dealership if you can do this.
Just like a car purchase, you might want to consider coming prepared to the dealership for a lease. Know the wholesale price of the lease vehicle and the blue book price of your trade-in. Familiarize yourself with your lease options and end-of-lease terms and if you anticipate logging a lot of mileage, consider adding extra miles to your lease plan.