Things to Consider When Leasing a Car

Many people don’t want to buy a car. They prefer to lease one. However, whether you buy or lease a car, you still need to go into it carefully. You are going to have to sign a lease, which tells you what you can and can’t do with your vehicle.

Unsure about what you need to think about? Here are some things to consider when leasing a car.

Pick the right car. When you lease a car, you are paying for its depreciation so it is important that you choose a car that is going to hold its value. You should also choose a vehicle that is popular. Toyotas are some of the best cars to lease because they hold their value. The same can be said of most sports utility vehicles (because they are so popular).

Consider putting money down. Though you may like the thought of leasing because you have heard that you can lease a car without having a downpayment, the truth is that the more money that you put down, the more affordable your car will be every month.

Don’t be afraid to negotiate. You can negotiate the price of the car, just like you would if you were going to buy it. You can also negotiate some of the factors in your lease, such as how much money you need to have down, how many miles you are going use, and more in order to get a better monthly payment.

If you are going to be driving a lot, buy extra miles right away. It is better to buy them now and not use them than it is to go over your allotted amount of miles. Many companies will give you money back if you don’t use all of your miles. However, if you go over, you are going to have to pay more for them than you would have if you bought them early.

Make sure that you understand what is expected of you when you return the car at the end of your lease. Your lease may have certain rules that state how the car needs to be returned. You may need to replace tires and fill the gas tank up. If you don’t, you could be facing extra costs, which can really add up!

Try to get extra insurance on the vehicle, just in case something happens to it while you are leasing it. Some leases offer Guaranteed Auto Protection insurance, shortened to GAP, just in case you are in an accident while you are leasing it. This can also protect you if the vehicle is stolen while it is in your possession.

Though you may not realize it, you can negotiate when you are leasing a car. You may be able to negotiate the price that you are expected to pay, how many miles you are allowed to use, how much money you need to put down, and much more. All of these factors will affect your monthly payment so don’t be afraid to discuss these things until you have a monthly fee that you can afford.

That being said, you may also want to buy extra miles. There is nothing worse than getting charged extra because you went over on your miles. Then, you also need to make sure that you know how you need to return the car. There may be specific guidelines in your lease that need to be followed, or you are going to be facing extra costs!

Contact us for all of your insurance needs. If your leased car doesn’t come with GAP insurance, we can make sure that you are fully protected!