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Car leasing continues to gain popularity across the continent. Even though it has incredible benefits, such as low monthly payments and tax benefits, leasing a car is not as easy as many think. The lease agreement varies from dealer to dealer, so it is critical to understand the deal and shop around for what you need. You must carefully read the contract as well.
Here are questions you should ask yourself before you lease a car whether you’re working with a car sourcing company to lease one or searching for the car yourself.
1. Are there any current lease specials?
Most car manufacturers periodically offer discounted leases to boost sales or to get rid of cars that are low in demand at that period. These discounts can save you a substantial amount on your lease, so check if your dream car has special offers. However, make sure that you read the fine print. Some dealers usually don’t include hidden sales tax in their advertised price, and they will only pop up after you have signed the contract. So, ensure that you are getting what you have signed up for.
2. What is the car’s residual value?
The car’s residual value is the estimated amount the vehicle will be worth at the end of your lease. It is a vital element of a good lease and is typically expressed as the percentage of the car’s manufacturer’s suggested retail price [MSRP]. The residue value plays an essential role in your lease because the higher it is, the lower your lease payment will be. When you lease a vehicle, you pay the difference between the selling price and the residual amount for the entire lease period. Just remember to ask the lease company for the residual value of the car you want.
3. What is the money factor?
The money factor is among the few negotiable things in a leasing contract. The money factors typically look like this: 0.00125. Similarly to the traditional interest rate, the lower the number, the better. It is calculated by multiplying by 2,400, which will be 3%. Ask the lease company or the automotive sourcing company about the money factor applied to your lease and convert it to an interest rate. This will help you get an appropriate rate for your credit score.
4. How many miles does the lease have?
You should ask about the car’s mileage to get the most out of your leasing. Sometimes, you will hear about a good lease only later to learn that the lease only includes 10,000 miles, not the standard 12,000 miles a year. The limited miles may be excellent for you if you rarely drive, but many people require at least 12,000 miles or more a year.
Before you sign the contract, ensure that the lease you are considering offers you enough miles. Driving past the indicated mileage means paying additional charges for the mile you drive.
5. What fees does the lease include?
Some of the fees in the lease may be negotiated. However, some are non-negotiable. So it’s good to know which is which before you sign the contract. Acquisition and disposition fees are non-negotiable, while the security deposit can be negotiated