For those individuals who like the idea of driving a new car but do not have the funds or do not want to purchase a new car outright, leasing a car is the best option. With low monthly payments, new cars can be leased for a definite time, allowing you to save and either purchase the car at the end of the lease or return it.
However, when leasing a car there are certain things to consider that ensure you get the best car lease deals. So, here are the top 5 car leasing tips to take on board.
Know the costs
Understanding the costs involved with leasing a car can be puzzling, so ensure your dealer explains everything, including up-front payments, interest, taxes, and any other fees that are payable. You can often get some best car lease deals with low monthly payments, but check that there are no hidden costs that might make the offer less attractive than originally perceived.
Also, ensure that you are in a position to make the monthly payments, as once you have signed the contract you are legally obliged to cover all the costs associated with the arrangement. Avoid using any dealers who are not transparent with their cost structures, and never be afraid to ask questions or get information clarified before you sign up. Oz Leasing always provides a clear cost structure, so you can choose us to be your car leasing partner.
Choose the car that holds value
When you lease a car you are paying for its depreciation, interest, tax, and fees. So if you choose a car that holds value, or depreciates less, your monthly lease payment will be lower. A car with good resale value has a strong residual value which means the amount that is left is still high when your lease term is over. We publish a list of good lease cars so search for the best residual values on our website.
Negotiate the initial price
When leasing a car, the initial purchase price is important and should be negotiated downward as far as you can go. Many dealers try to shift away from the purchase price by telling you there is no need to bargain over price because the monthly payment is the only consideration when leasing a car.
However, the purchase price is a key determinant of the monthly lease payment, so spend some time on negotiation to get the best car lease deals out there.
Look into the car insurance
Insurance of the car is something that needs to be considered when leasing it. GAP insurance is the one that you should opt for. This is because if your leased car is stolen or get scratches and dents during the rental period, you will not get the original value back from the insurer. This could leave you in negative equity and owing to the lease company more than the insurer pays out. GAP insurance covers the difference between the original value and insurance pay-out offering you financial peace of mind.
Consider the length of the lease and mileage
Cars are leased typically for 36 months, 39 months, or 60 months. Whatever lease period you choose, make sure it is covered by a warranty and if not then consider getting an extended warranty. Also, you need to look at the mileage limits imposed in the contract. Ensure that the limit fits with the amount of driving you expect to do during that period. We offer leasing contracts with 12,000 and 15,000miles per year, but keep in mind that if you exceed the limit, you will be charged extra.
These are the top 5 leasing tips that will help you get the best car lease deals. If you are looking to lease a car then Oz Leasing is the one to look for. We offer various best car lease deals that suit your requirement and budget. Call us today at 800-362-7273.