If you can’t afford to pay a huge sum to buy a new car, you have another option: you can pay a lot less and lease a car. How do you go about leasing a car? Well, all you have to do is make a small sum as down payment and then make monthly payments throughout the term of the lease. You will give the car back when the term comes to an end. Read on to know the tips that will help you lease the right car.
The Type of Car
First of all, you should decide on the car you need. Do you want a sedan, an SUV or a convertible car? This is an important consideration.
Choose the Right Model
You should create a list of cars that fall in your price range. In order to cut down on non-lease costs, you can go for models with high level of reliability, good gas mileage and safety features, just to name a few.
Go for a Test Drive
As soon as you have listed a few models, you should go on a test drive in each car. Make sure you consider the visibility, comfort, steering, breaking, shock absorption and the internal noise of the car.
Consider the Safety
While on the test drive, you should ask the salesperson about the ESC, ABS and other security features. Remember: safety should be your top priority.
Compare Different Lease Deals
Once you have got all the details from the dealer, you should compare the deals and decide on how much you will be paying each month.
Negotiate the Price First
Before you go back to the dealer to make a deal, you should negotiate the purchase price. Once you have negotiated the price, you should go ahead and let him know that you want to lease the car. This is important because your monthly payments will be based on the price of the car.
Negotiate the Price
You should negotiate the price of the car. If you want to know the prices of new cars, you can go to Consumer Reports. The price of the car will be between the suggested retail price of the manufacturer and the wholesale price of the dealer.
Avoid The Gab
Remember: your salesperson may push you to close the deal based on the low amount that you will be paying each month. However, this will increase the total amount that will be paid throughout the term.
The Lease Payment
If you make a bigger down payment, your monthly payments will be lower. Failing to make each payment on time will result in penalties. Therefore, you should keep this point in mind. In the same way, if you give the car back before the end of the term, you will still face a penalty.