What's a Good Car Lease & How to Get One
What's a Good Car Lease & How to Get One
Posted on August 2, 2018
If you prefer to keep things simple, car leasing has many benefits over owning a car. A single monthly payment takes care of most of your expenses and can secure a new car you wouldn’t normally be able to afford. It’s also a great way to drive a brand new car for a much lower cost than an outright purchase.
It is possible to secure a fantastic car lease deal if you put in some legwork before hitting the dealership.
Do your research
It’s a good idea to know what car you want, how much it costs retail, what the RRP is and what the residual value is likely to be once your lease it up. The more the car is worth when you give it back, the lower the monthly cost should be. If a car has a higher residual value, the dealership will lose less money during your time with the car, which should translate into a lower monthly fee.
Selecting a car that holds its value is a good tactic. There are lots of studies published every year showing the average residual value for all cars on the market.
Everything is negotiable
For many, the thought of having to put down several thousand dollars in a down payment on a lease car is enough to put them off having one. In many cases, these down payments are flexible. You will have to make some kind of payment but the amount is negotiable, as is the time you have to pay it. If you will have trouble raising that kind of money at once, ask to have it included in your monthly payment.
The monthly fee and any overage fees are also negotiable. Some dealers will haggle, some will not so it makes sense to ask before you sign anything. Even a few dollars a month saved or a couple thousand extra miles on your yearly allowance could make a considerable difference to the affordability of your lease.
Check for specials
Manufacturers will often offer special deals if a particular model isn’t selling or leasing as well as they would hope. If you’re not set on one model, watch for specials and talk to the dealer about any upcoming offers. Some won’t want to tell you what’s coming but others would rather have a deal with a slightly lower markup than no deal at all.
Price to buy and offer to lease
If you have a particular model in mind, price it up with the dealer along with all your options, colour and so on and then take time to think about it. Contact the salesperson back and say you have decided to lease instead. Set your terms in time, the yearly mileage you require and any discounts or incentives you feel is fair. Then let them come up with a lease fee.
Once you have the fee, negotiate as above to see if you can get more for your money or a little money off.
Car leasing is extremely popular and for good reason. If you’re looking for a competitive lease deal, visit your nearest Car Nation Canada location. We would be happy to quote for your next lease car!