How To Get the Best Car Leasing Deal

When you’re looking for a new vehicle, deciding whether to buy it with a loan or to lease it is a tough choice. Leasing a car is not for everyone. But, once you have decided to lease, how do you get the best deal? Here are some tips to help you. 

Work Out Your Budget

When you’re leasing a car, you will be tied into the deal for the next few years. It’s important to know that you can make the monthly payments without stretching your budget. Work out how much you can afford each month and make sure you allow for the unexpected expenses that catch us all now and then.

Find a Fair Price for Your Car

While it’s tempting to opt for a fancy car with all the extras, you need to be realistic. When you decide on the car you want, use pricing websites to determine a fair sale price. Check manufacturer and dealership websites to find any special offers in your area.

Choose a Car That Holds Its Value

As part of a car leasing deal, you will be paying for how much the car’s value depreciates over the period of the lease. The residual value is the difference between the price of the car when new and its resale value. Many motoring websites publish lists of cars with the best and worst residual values, and you can save money by studying them.

For example, according to CarProUSA, after five years, a Jeep Wrangler Unlimited has a residual value of 70%. Surprisingly, the Nissan Leaf only retains 29% of its value. The average depreciation rate is 49.1%.

Make a Bigger Down Payment

Work out how much money you can realistically afford to put down upfront. The higher your down payment, the lower your monthly payments will be. Low upfront costs might seem like a good deal at the time, but you’ll end up paying more in the long term.

Check the Mileage Allowance

Know how many miles you drive each year because, with a lease vehicle, you will have a limit on your mileage. Standard car leases usually have an annual mileage allowance of 10,000 to 15,000 miles. As the average American does around 12,000 per year, that works well for most people.

However, if you go over the allowance, you’ll face additional fees of 10 cents to 25 cents per mile, which can soon add up over the lease term. You may be able to negotiate a higher mileage allowance, but it would mean higher monthly payments. If you opt for a lower allowance, your monthly payments will be reduced, but you need to know you won’t exceed the allowance.

Check Lease Specials

Manufacturers sometimes offer special lease deals on vehicles that aren’t selling quickly enough. The special offer might advertise lower monthly payments, a lower interest rate, or a reduced down payment. While it might seem to be a good deal, check that the special doesn’t involve a lower mileage allowance than you need or require more money upfront.

Visit Crain Hyundai of North Little Rock to see the superb range of Hyundai vehicles, which are renowned for reliability and their high residual values.

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