How to lease a new car?

Whether you lease a car to get into the latest models or have better purchasing

flexibility, getting a good deal is always bound to give you a lift. Use

these guidelines to help you spot one:

Check incentives: be on the look-out for factory –subsidized lease deals.

Car manufacturers realise that consumers who lease vehicles from them are

more likely to be repeat customers than those who simply purchase vehicles.

Through their leasing companies, they adjust the residual value and offer

low financing charge. Other auto-manufacturers are also starting to give

incentives on leasing, called leasing subventions. They offer these

subsidies to put slow-selling models on the street, saving you even more

money.

Set up a competitive: bidding environment to get the lowest price. If you

already have an idea in mind of the make, model and trim level of your

desired car, attempt to calculate your own lease payment before you go

shopping to avoid paying through the roof. Check online comparison tools or

use a lease calculator to check your lease payment based on purchase price.

This gives you greater negotiation leverage as you solicit quotes from

various leasing companies.

Make sure you know all the fees involved at the beginning of your lease:

you may have to pay fees for licenses, registration and title. Other fees

include acquisition fees, freight fees and local or state taxes. At

lease-end, you may have to pay a disposition fee and charges for extra

mileage and any excess wear. Be aware that some of these fees – like

acquisition and disposition fees – are negotiable.

Know your mileage needs: almost all leases limit the number of miles per

year by imposing typically 10 to 20 cents per excess mile over 15,000 miles

a year. If you are the kind of high-commuter who puts 40,000 miles a year

on his car, then you might end up running thousands of dollars in hefty

penalties at the end of your lease. Be smart and negotiate a higher-mileage

limit or pad you excess miles at the beginning of your lease to avoid

robber tax rates for excess miles.

Almost all leases limit the number of miles per year by imposing fees

typically 10 to 20 cents per mile over 15,000 miles per year. If you are

the kind of high-commuter who puts a lot miles on his car, then these costs

can add up quickly. Negotiate

Include GAP coverage: make sure your lease includes GAP coverage. This

covers you in the event of the vehicle getting wrecked, stolen or totalled.

Without GAP insurance, you leave yourself wide open to thousands of dollars

in leased obligations. Check if the GAP coverage is included so you don’t

pay it twice.

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