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5 Money Saving Tips For Your Car Leasing Needs
Adrian Crest 2016-06-10
Leasing a vehicle can be very beneficial for motorists who don't have enough cash to purchase a car or won’t likely exceed the mileage cap in a contract. Although some financial experts think car leasing is a waste of money because you're essentially renting instead of buying and you can't build enough equity, leasing is oftentimes the only alternative for some households today.
Now, just because leasing can be the cheaper option for many families, it doesn't mean that you can't save money when you walk into a dealership and tell the salesman you want to lease.
A car lease allows you to drive a new vehicle that may be out of your price range. You don't have to take out an exorbitant auto loan or lay down a huge wad of cash. All you need is a small down payment, which is followed by monthly payments throughout the lease. But there are other things to take into account as you finally decide that you're going to lease a BMW, a Honda, or a Sprinter. If you are interested in the latter brand of vehicles, check out the Sprinter of Windsor website to browse their collection.
Here are five money-saving tips for your car leasing needs:
Negotiate Like You're Buying
Many of us are frightened to negotiate for whatever reason. Even when it comes to expensive decisions, we don't try to negotiate for our benefit. We just accept what's given to us. Unwise!
Indeed, when it comes to your vehicle, try to negotiate the purchase price as if you were going to acquire the car. Once you have a firm price then you should certainly bring up your lease.
In addition, you can negotiate more than just the purchase price. You can negotiate the mileage limit, the down payment and the purchase option price. Also, try to negotiate the lease money factor. The more you put down the less your finance charges will be in the end.
Remember, the salesman realizes you're a serious customer if you're negotiating like a pro. Nick Kolenda has 31 negotiation tactics and strategies that you might want to learn more about.
Cars That Last a Long Time
Are you thinking about buying the vehicle once the lease is up? Well, first ensure that the vehicle is worth at least the purchase price. Second, make sure that the vehicle can last a long time – some cars have a horrible reputation of breaking down on you as soon as you leave the lot. You have to do your research and ask plenty of questions to determine if a car can last a decade.
Don't Get a Lease Beyond Warranty
A mistake that plenty of leasing customers make is getting leases that go beyond the automobiles' factory warranties. The warranty protection is a huge benefit for leases. Simply put: if the warranty is only for three years but the lease is five years then walk away or renegotiate.
Remember, Invoice Pricing is Just a Gimmick
The invoice price, otherwise known as the dealer cost, is the price that appears on the invoice the manufactuer sends over to the dealership when the company receives a vehicle from the factory.
Sounds genuine, right? Not necessarily. This is usually just a setting point for negotiations, so be careful not to be too entranced by this gimmick.
Select a Car That Isn't Hot in the Market
If you want to negotiate the pricing and the features of your lease then don't pick a vehicle that is hot in the market right. Usually, a dealership won't see the need to reduce the cost or add extra bonuses for a car that will be picked up by someone else almost immediately. It's best to choose vehicles that aren't so high in demand by motorists across Windsor.
Car leasing isn't for everybody. But if you do decide to lease a vehicle then you should equip yourself with the necessary money-saving tips to ensure you don't get fleeced. It's also crucial to educate yourself about the car you're interested in and the pros and cons of leasing. If you decide to take this measure then you can give yourself a pad on the back as you roll off the dealership.