Liviu Marcus
Renting a car is a preferred alternative as opposed to purchasing. It is similar to renting a house rather than having your own home. When you lease, you can drive the car over a specified number of months or miles, as determined by the dealer. There are many advantages of renting a car. Nevertheless, there are a few factors that you should think of before signing a lease. For years, leasing a car has been treated as a serious business. Failure to undertake research before leasing might land you into problems. The variables that you should consider include lease mileage, lease specials, and car price.
Check out the Lease Specials
Your first question when leasing a car should be: Are they leasing specials?
Lease specials are potentially a huge advantage for you. Most dealerships will provide a reduced lease because they want to increase their sales. It not only boosts their sales, but these specials will give you big savings in your pocket, a win!
Many lease specials will advertise a meager monthly payment. However, the quoted monthly price rarely includes registration fees and sales tax. You should always check the fine print to avoid extra charges you may not know about.
How Much is the Drive-off fee?
Some leases require you to pay a high drive-off fee. The drive-off fee is a set amount of money you must pay to start your lease. Be aware of high or meager drive-off fees. You could get a high monthly payment with a $0 drive-off fee. Always ask the dealer about the drive-off fee, sometimes known as the “out the door” fee.
Most dealerships will only present a lease to current leaseholders or those with a high credit score. That said, it may be challenging to achieve. Do your research on the requirements of the lease first. Always ask the right questions to guarantee you will get something that benefits you.
Does Mileage Have Any Limits on The Lease?
As pointed out, always read the terms and conditions. The landlord will limit the lease, e.g. mileage or overage charges. Most of the leases come with mileage limitations, which are usually at 10,000 to 15,000 miles.
Reading the details would save you from paying extra money that you would have to pay in the beginning. The small print may mention that the dealer charges overage costs per mile. However, in most cases, after you reach the miles limit the vehicle will be charged 30 cents per mile at the dealership.
Miles are critical, before any lease is signed, you need to know how much you will put on the car. You should make sure that you do not exceed the prescribed mileage to avoid additional charges. Are you going to be exceeding the mile limit in the remaining years of the lease?
Consider if you will be driving the car on long commutes or for short trips only. Going over your mileage limit could increase your monthly payment, which could end badly for you if you are in a money crunch.
Mile overage can also cause a depreciation of the car’s value, which could also increase your monthly payment.
Vehicle Cost
Together with the initial costs of leasing a car, there will also be some other costs in the future. It is wise to take into account what the vehicle will cost overall.
There are three things you should think of when leasing a car; maintenance, repairs, and monthly payments. Cars are money consuming to fuel and run. Neglect and nonrepair will eventually cost you a lot more money. You will have to pay for more than a monthly installment.
The monthly payment of leasing a car can be as low as the monthly payment of a car loan. Leasing a car rather than taking a car loan would save drivers $127 per monthly payment on average. Vantage Leasing can be the best option.
Always remember to think about the immediate and future costs. You could wind up in a horrible spot without acknowledging the future costs. Leasing a car can be a massive advantage if you do the right things and ask the right questions.
Conclusion
In conclusion, you should consider several things prior to leasing a vehicle. Whether you think the cost of the car or the lease specials, it is all important! Always ask the right questions and thoroughly research before leasing a vehicle. Renting a car without the proper research could land you in a tight spot. No one wants to end up in a lease they are unhappy with!
