If you’re looking to save money, leasing a car is a great alternative to buying a new one outright. Inherently, leasing is likely to save you money in the long run – but there are plenty of ways to slash costs even more when you lease a car. We’ll go over them here. But first, let's look at some of the added benefits of leasing a car.
Benefits of leasing a car
Leasing a car has plenty of benefits. In addition to helping save you money, a lease can give you a lot more freedom as a driver. These are some of the best arguments for leasing a car over buying one:
Get a new ear every few years
One of the main benefits of leasing a car is that you could potentially get a new one every few years. So, you’ll always have the latest features and technology at your fingertips without having to shell out for a new vehicle every year.
Lower monthly payments
Leasing also allows you to have a lower monthly payment than buying a car on finance. This is because you are only paying for the depreciation of the car during the lease term, rather than the full price of the car.
No hassle of no reselling
Selling a used car can be a huge pain. If you decide to do it yourself, you have to worry about listing the car and responding to queries from interested buyers; if you go to a dealership, you never quite know if you’re getting a good price for your vehicle. That’s not an issue with a leased car. You simply return the car to the leasing company and walk away.
How to find the best car leasing special offers
The most common way to find car leasing special offers is to look online regularly. Offers don’t stay the same for long so, if you search every few days or weeks, you’re sure to find a better offer than if you were to go with the first one that piques your interest.
It’s also important that you check in with a leasing specialist, rather than a one-size-fits-all car dealership. These types of businesses employ experts who are well-versed in the world of vehicle leasing, and they will work with you to determine your needs in order to find you a car within your budget that suits you.
Another way to get great deals on your car lease is simply by ringing up dealers. Both traditional car dealerships and leasing specialists have special offers that aren’t available online, so making the extra effort to call can really pay off.
Look out for seasonal offers
Car leasing companies often offer seasonal promotions and incentives. You’ll often find that leasing specialists offer a lower monthly payment or a lower down payment during certain times of the year.
Experts state that March and September are the best months to go looking for a deal. Also, during slow times for businesses, such as right after Christmas, are times when car dealers are more likely to give out discounts.
Compare car leasing offers
As you search for offers on a car lease, be sure to make notes of the ones that you like the look of the most. Write down all of their specifics and look at them side-by-side to get a feel for which offer really provides the best value.
Think about your down payment
When you lease a car, your down payment is incredibly important. The more money you put down in the beginning, the less you pay over the course of your lease. If you can afford to wait a little while to save up for a bigger down payment, it can have a very positive knock-on effect for your monthly payments.
Negotiating a car lease deal
Another benefit of working with a car leasing specialist is that they are more open to negotiation than other types of dealers. So, you can get a much better deal by sitting down with an agent to hash out a price that suits you better. It’s possible to negotiate:
- The length of the lease
- Interest rate
- Mileage allowance
- Buyout price
- Documentation fees
Other ways to save
There are a few other considerations that you can make when leasing your car that can help save money. They are only small but they could make a big difference in the long run. Firstly, find out if your Guaranteed Auto Protection (GAP) is included with your lease. This type of insurance helps to protect you if you are victim to any theft involving your vehicle or if you are in an accident. Bills to cover these incidents can be quite steep, so it’s worth finding out if you’re covered.
You should also find out about the manufacturer’s warranty. If your lease falls within this time period, you’ll be protected if any of the car’s parts are faulty. This is something that many lessees don’t think about, and can be a costly mistake. Finally, consider your overall mileage. Even if you’ve negotiated a mileage allowance that you think will suit your driving habits, always be aware of the costs for overages as well as potential reimbursement if you haven’t used all of the miles in your allowance.
By working with a leasing specialist, doing your research, preparing to negotiate and considering potential future costs related to your lease, it’s possible to get a great deal on your car’s lease.
Loading up next...