A car lease may be one of the biggest monthly expenses in your budget, so it’s important to find the best deal to give you more money in your pocket each month. There are many consumers who make the mistake of not thinking about budget until they get to the dealership. This can hurt your wallet because you’re often left with fewer budget-friendly options. Instead, set yourself up for success before heading over to check out cars. Here are eight ways to save money on your next car lease.
1. Pay Attention to Timing
Money experts and consumer advocates recommend shoppers plan their leasing agreement for a certain time of the year. It’s best to begin a lease right as a new model is released at the beginning of the calendar year. This can help you get more value out of a carand avoid the depreciation from a car at the end of its model year.
2. Look for Deals and Special Pricing
Once you’ve decided when you want to get started on your lease agreement, next, you need to find the right dealership. Many dealers offer specials and discounts throughout the year. Most consumers do their homework ahead of time by checking out each dealer online. There are lots of great automobile lease specials at worldwideautomobile.com and other sites. Sometimes, you can even get more of a deal if you are a repeat customer and trying to upgrade to a new leased vehicle.
3. Pick the Right Model
Saving money on a lease also depends on the specific car you choose. Many consumers choose to buy the car after their lease is up, and if there is even a small possibility of that happening, you need to assess each car’s value before taking a leap. Make sure the make you choose has cars that are known to hold their value over time. There are several online tools that can help you determine your car’s value. Otherwise, you could end up with a bad deal on a car that isn’t worth very much later down the road.
4. Negotiate With the Dealer
Once you get to the dealership, it’s time to start negotiating. Some people don’t think that a leased car’s pricing is negotiable, but in most cases, it is. You can also negotiate other parts of your lease, such as mileage allowance or scheduled maintenance tasks.
5. Trade-in Your Old Vehicle
The cost of your lease can be lowered a bit as well if you have a vehicle for trade-in. Even though you may not be buying a car at first, you still may be responsible for putting down thousands of dollars to begin your lease agreement. With a trade-in, you can get that initial down payment lowered or even reduce your monthly payment.
6. Get Gap Insurance
After you’ve signed your agreement, your money-saving opportunities don’t end there. You’ll need to insure yournew vehicle, and it’s essential to add gap insurance to the new policy. Gap insurance often costs a little extra, but it can help you save huge if something happens to your car, such as an accident or vehicle theft. Without gap insurance, you could be responsible for any gap left behind after yourinsurance pays the value of your vehicle off in the case of a loss.
7. Research Before Purchasing
You can also save more money if you spend some time doing research before turning in the car at the end of the lease. Some dealers have fees and other charges that must be paid before your lease agreement is up. Be sure to look at the Honda lease page for the best deals and carefully review all extra fees you may be responsible for.
8. Watch Out for Mileage Limits
Finally, most lease agreements have strict mileage limits. Going over your mileage limit may end up costing you big time. For some people who drive a lot, a lease may not be best for them. If you expect you may go over your limit, purchase extra mileage beforehand to save more money.
You can get a great price on your next lease if you follow these tips and are a well-informed consumer. That way, you can keep driving a new vehicle every few years and not feel the impact as much on your wallet.