If you’re in the market to lease a car, you might imagine all you need to do is roll up to a dealership and sign some paperwork. But don’t be so hasty: leasing a new car isn’t as simple as all that. While you might not be committing to ownership, you still have to think about car leasing as a serious long-term investment, even if you only sign a lease for a few years’ time. Signing a lease agreement still means interacting with salespeople who will try to upsell you, as well as having to pick the best contract and car type for your needs. If you’re ready to lease, here’s how you can get the best deal.
It might feel like your salesperson has all the answers, but if you’re leasing a car, it’s important to remember that you’re the one with the power. Just like with buying a used car, you can negotiate and set the terms that you’re comfortable with. Remember that salespeople work on commission, which means it’s in their best interests to lease you a car at a higher rate than necessary. You don’t have to play hardball to get a good deal. Just know your limit and stick to it. More often than not, a salesperson will be more interested in making the sale than walking away with their starting price.
Don’t Fall For the Upsell
Even more important than sticking to your initial figure is avoiding the pitfalls of aggressive salesmanship. While you might be interested in a bunch of extras like a warranty or gap insurance, there are tons of extras and hidden fees that you’re probably not willing to deal with. Always question fees on a contract so that you make absolutely sure where your money is going. Dealerships can get away with a lot when it comes to the fine print, so always be sure you’re asking the right questions.
Rent For Your Needs
If you’re someone who travels far, or simply travels a lot, for work, leasing might not be for you. Since many lease agreements come with a cap on mileage, you could end up getting penalized for simply driving your car too much. This isn’t ideal, even if you get a great deal on your lease. Think about how many miles you drive in a year and compare it to what the dealership is offering, remembering to calculate in the extra charge for going above the standard mileage.
Invest In Insurance, Not Extras
One of the best ways to protect yourself when leasing a car is to remember all the ways in which you could end up missing out on a bargain. The whole point of leasing is to pay less for a new vehicle, at the cost of ownership. That means that if something happens to your car, it’s not enough to have normal insurance. You need to make sure you’re being insured against the total worth of the car so that your dealership can’t hold you accountable for money you don’t have should anything happen to your car, such as a robbery or a serious accident.