You can likely save more money per month than lease advertisements indicate, even with a lower down payment amount than you find advertised. To get the best lease deal, consider shopping from your home computer and emailing dealers to negotiate. Consider minimizing your down payment amount and maintaining your vehicle properly during your contract to avoid paying money at the end of your contract.
Lease Comparisons
To determine current lease offers, go online to manufacturer websites to view lease advertisements. Manufacturer lease offers often change monthly, so be sure to note the dates of any offers you find. Read the small print of all lease advertisements; you'll find that mileage, term and down payment requirements differ by manufacturer. Leasing terms are adjustable; you can change the term and mileage allowance of lease offers to support your driving needs. Visit individual dealer websites by entering in your zip code from the manufacturer's website. Individual dealers may offer discounts or sales aside from manufacturer offers.
Negotiating
Email same-make dealers to discuss pricing. New car dealerships employ Internet sales departments to work with customers by email or phone. You can often obtain better pricing through email. Before you make your offer, determine a fair discount. Most lease figures are based on a vehicle's sticker price, so research pricing the same as you would if paying cash for the car. Every $1,000 that you put toward a lease results in about $30 off of your monthly lease payment. Keep this in mind when making your offer. If you find that you can lease a $30,000 vehicle for $400 per month, but you can obtain a $2,000 discount if purchasing, email a dealer asking if it can meet your monthly lease payment goal of $360 per month. Once you have an offer, use it to shop other dealers.
Down Payment Consideration
Advertised lease payments usually require thousands down in addition to taxes and fees. Minimize your down payment amount even if it raises your monthly payment cost. While leasing, you must maintain a full-coverage insurance policy for your car. If at any time during your contract your vehicle becomes damaged beyond repair or stolen, your vehicle's market value is paid to your leasing bank, not you. Even if you paid your entire lease cost upfront, you won't receive any of your money back. Avoid a down payment if possible to minimize your potential loss.
During Your Lease
Keep your vehicle in excellent condition by maintaining it properly and repairing it when necessary. Otherwise, when you return the car, the leasing bank will charge you for loss of value, which you must pay to maintain your good credit standing. If you find that you may exceed your leasing mileage allowance during your contract term, consider transferring the lease to another person to avoid penalty fees. Do not put stickers on your vehicle or alter it in anyway. If your car has body damage, use your full coverage insurance to pay for damages or pay out-of-pocket for repairs. Your deductible is likely less than your leasing bank will charge if you return your car with damages.
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