Leasing a car can be attractive because it allows you to get a lower payment than if you were buying a car. While it can be effective, you could also get ripped off easily if you are not careful. Lease terms can be confusing, and you need to keep some tips in mind when you talk to the dealer.
Negotiate Price First
When you go into a dealer and find a car that you like, you may be tempted to try to start negotiating on how much you can get the payment down to. While this could help you save a few dollars per month, it is not the best approach to use. Instead of focusing on lease payment, focus on the base price of the car first. Negotiate the total price and then worry about the lease payment.
Down Payment
One of the nice things about leasing a car is that the down payment is negotiable. Even though the advertisements for leases recommend a certain amount of money down, you do not have to put that much down if you do not want to. Part of the down payment might be based on your credit history. If you want a lower down payment, do not be afraid to negotiate with the dealer for it.
Mileage Limits
When negotiating the terms of your lease, make sure that you pay attention to the mileage limits of the contract. With a lease, you are paying for the usage of the car over a certain amount of time. The dealer puts a limit on the amount of miles that you can drive. If you go over the limit, the overcharges will be very large. Make sure that you get enough miles on your lease to accommodate your driving needs.
Question Fees
When you negotiate the terms for a lease, you will notice that the dealer tries to charge you for many different fees. Some of these fees might be legitimate, but many of them are simply a way for the dealer to gouge you for more money. With many leases, the dealer will charge you an acquisition fee for finding the exact car that you want. The dealer may also try to include a large fee for the disposition of the car on the back end of the transaction.
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