Car leasing is very appealing if you do not want to own a car and have no finances to buy a new one. The monthly payments associated with it are also less than the finances that you would incur with a new car purchase. Besides, the vehicle is usually brand new and covered by a manufacturer warranty.
However, you still need a credible company for a car lease. As long as you know what you want, it can be easy to narrow some top choices, for a credible choice. Likewise, ask around from former car lessees.
For personal car leasing, feel free to check out Britannia Car Leasing, but before you settle for them. You should familiarize yourself with some money-saving car leasing tips for a better deal. As with every beneficial deal, there are some potential, pitfalls which if you are not aware of can make you regret your car lease.
Here are five money-saving car leasing tips to keep you on the right track and ensure you drive a good deal.
1. Avoid Car Leases That Extend Beyond the Car’s Factory Warranty
You should always avoid car lease deals longer than the manufacturer warranty, as it can expose you to larger and costly repair and maintenance costs. Note that the manufacturer warranty or protection is one of the appeals of a car lease. Therefore, if the lease is longer than it is, stay away from the deal, as it will be costly in the end.
Likewise, settle for shorter car leases to avoid finding yourself in tricky situations with the car leasing company. Otherwise, in some situations, you might be better off buying a new car.
2. Negotiate the Car Lease Deal
Do not just opt for a car lease without doing some research and background checks on the car leasing company or dealer. This way you get to know everything about their terms and condition before signing the contract.
Read the fine print thoroughly and be ready to negotiate as if you are buying the car. You should only bring up the lease after you have a solid price in place.
Note that you can also negotiate the mileage limit and down payment. Like a loan, the more you put down, the less the financial charges.
3. Buy the Extra Miles Upfront
If you have a feeling, you might end up running over the standard mileage allotments. Then it is better you buy the extra miles up front.
Nonetheless, you should read the terms and conditions of your car lease deal. This is because some companies can refund you the money if you have not used your additional mileage by the end of your lease.
Also, note that any mileage overage will always come at an increased rate.
4. Avoid Fast Depreciating Cars
If you want to keep your monthly payments as low as possible, then you should always avoid cars that depreciate faster than average or faster than others do. The owner-cost Ratings are usually included in the car model page, with detailed information on car depreciation among other related factors.
5. Pay Attention to End-Of-Lease Procedures and Fees
The end-lease terms and fees often depend on the car leasing company. It can range from returning the car with nearly new tires to paying for some car damages.
Moreover, you should also take note of when your lease ends. It is better it ends when the new models are just rolling in or after and not before. The best time to turn it in for a new one is between September-December.
Anyway, just make sure you understand the policies and fees clearly for a better deal. Otherwise, walk away if everything sounds gibberish and Greek.
Car leasing might not be for everyone, so try to understand how it might appeal to you and your current financial situation. Do some research and get to know how it works before going in and negotiating a deal.