All but the cheapest new cars cost upwards of $20,000. For this reason, many buyers, choose to lease rather than buy. Leases generally last for a period of two to three years, often with an option to renew. Using a few basic tips, buyers can successfully navigate their lease.
Watch Your Mileage
Most leased vehicles have strict limits on the amount of mileage that a driver is allowed to put on the vehicle. Usually, these limits are set on an annual basis. Any additional miles the driver puts on the car, past the limit, will incur a fee. For example, a driver may be allowed to put 12,000 miles on the car for each year of the lease, but will be charged one dollar for every 20 miles he puts on past that.
Know Your Fees
The price that a dealer advertises for a lease is only part of the story. In addition to monthly payments on the lease, the lessee may be required to additional fees, such as an initial signing fee and a fee that attends the return of the car. In addition, lessees should prepare to put a significant deposit on the car.
Mind The Wear and Tear
While the warranty for a leased vehicle will likely cover major repairs, it won't, in most cases, cover routine wear and tear to the vehicle, nor basic maintenance, such as oil changes and fluid refills. If the car is returned with nicks, dents and scratches, the lessee may be assessed heavy fees to cover the cost of repairs.
Know Your Insurance Costs
Before purchasing or leasing a car, prospective buyers should always have an idea of how much they'll be paying in insurance premiums. This is especially important for leased cars. Car buyers usually are allowed to hold the minimum amount of insurance coverage set by the state, but many car dealerships require people leasing a car to have far more extensive coverage.
Shop Around
Before selecting a lease, make sure you've examined all your provider options. Many prospective lessees are under the misconception that only the dealer can offer a lease on a car. In fact, many financial institutions will offer to extend a lease on a car as well. Once you've selected a make and model, shop around at various dealerships for the best price.
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