Car lease is often more feasible than renting or buying a car, because it allows you to drive a new car after regular intervals without the need of purchasing the car. Even though you have to pay a certain upfront amount to lease a car, it is much lesser than the down payment amount required to purchase a car. However, many people wouldn’t even mind to pay some extra money to lease a car they won’t be able to purchase in the near future.
But if you make the wrong choice, you can end up paying more for the lease deal that you should have. So, here are some tips that will help you avoid car lease mistakes:
Paying High Upfront Amount
It is never recommended to pay a high upfront amount, no matter how low the lease rates are. In case of theft or considerable damage to the leased car, the car dealer would get compensated by the insurance company, but still they will not return the amount already paid. So pay a small upfront amount.
Negotiate the mileage restriction, so that you have enough miles in hand. If you go beyond the mileage cap, you will have to pay additional charges. Calculate the approximate number of miles that you will be travelling during the lease period and negotiate accordingly.
Damaging the Car
It is true that you don’t have to worry about the maintenance or repair of the car you have leased, but in case of serious damages, you will be made to pay extra charges. In case of serious damage, it is wise to repair the car before returning, to avoid paying extra money.
Paying in Full
Check whether the car dealer is charging base on the exact cost price of the car; if it is so, you must negotiate the value and get as much discount as possible. Most of us focus on the monthly payments, but we should look at the bigger picture.
So, many of you might now think it is much better to buy a car than get into such complexities. Leasing a car still remains the most feasible solution, since you can avoid the mistakes easily and get the best deal.
Leasing is better than buying because:
- You have to pay lower monthly payments when you lease a car
- You have the chance to rise a new car every year, which is never possible if you buy a car
- You don’t have to worry about the depreciating value or take the hassles of trading-in or reselling the car.
- You will be eligible for tax deductions, if you use a leased car for business purposes.
Car lease is available with many car dealers, but you must ensure you find out the best car lease dealer. Search the Internet or get references from friends and family about the best car leasing company. If you lease a car from a good car leasing company like Wise Car Hire, you will get the best value for your money and have the best car leasing experience.