Being smart when it comes to purchases is very important. Year after year, the price of commodities go up due to inflation. Same goes with rent and mortgages. And then there's the importance of having transportation as you go from work or school, and home. If you'd like another option to save on money, then here's a helpful guide to leasing a car.
A leased car is generally less expensive than buying a new one. Of course, the term lease means that you'll eventually return it to the bank or wherever it was leased. Still, most lease contracts last two or three years, giving you enough time to save up in case you decide to buy a new car afterwards.
Banks and other companies that offer car leases offer great deals with lower down payment and monthly dues. Add to that, you have a brand new car at a cheaper price than what you would have been charged if you bought it. You also save on maintenance since by the time any major maintenance or tune-ups are required, you should have already returned it. These are additional savings in your pocket.
If you're the type of person who should always have the best in the market, then a leased car is a good deal. Once the term of the lease has ended, and assuming that you didn't rack up any extra mileage nor damaged the car, you just return it and take the next offered car on lease. This is cheaper than keeping a number of cars for years.
As previously mentioned, over-mileage costs and allotted miles should be reviewed before you sign a lease contract. The annual limit of most lessors when it comes to mileage is somewhere between 12,000 and 15,000 miles. Over-mileage costs may end up costing you, since these are charged per mile. However, if you know that you will exceed their limit, opt to get extra miles at the start. The amount you pay will still be lower than any over-mileage cost. One thing to remember, is that you won't be charged over-mileage charges if you decide to buy the leased car once your contract ends.
You should also take note of the cost of residual percentage, which refers to the residual value of the car once the lease is up. If this value, usually listed as a percentage, is high, that means that the amount of depreciation you have to pay is lower, which translates to lower monthly payments. One other value to take note of is the residual amount, which is the amount that you still need to pay in case you decide to purchase the car once the term ends.
Once you feel confident that you want a leased car, the next step is to shop for one. Online research is the quickest way to find the best lease deals. There are websites that collate and compare different offerings, or you can visit the website of your car maker of choice. Leased deals from car makers and usually less expensive than dealerships.
When looking for the best deal, don't just focus on the least expensive car. You need to look at two factors - which requires the lowest out-of-pocket amount and the lowest monthly payment. When requesting for a quote, don't just settle for one. Ask for quotes from different locations, and request that the quote include taxes, registration, and other fees.
A leased car is generally less expensive than buying a new one. Of course, the term lease means that you'll eventually return it to the bank or wherever it was leased. Still, most lease contracts last two or three years, giving you enough time to save up in case you decide to buy a new car afterwards.
Banks and other companies that offer car leases offer great deals with lower down payment and monthly dues. Add to that, you have a brand new car at a cheaper price than what you would have been charged if you bought it. You also save on maintenance since by the time any major maintenance or tune-ups are required, you should have already returned it. These are additional savings in your pocket.
If you're the type of person who should always have the best in the market, then a leased car is a good deal. Once the term of the lease has ended, and assuming that you didn't rack up any extra mileage nor damaged the car, you just return it and take the next offered car on lease. This is cheaper than keeping a number of cars for years.
As previously mentioned, over-mileage costs and allotted miles should be reviewed before you sign a lease contract. The annual limit of most lessors when it comes to mileage is somewhere between 12,000 and 15,000 miles. Over-mileage costs may end up costing you, since these are charged per mile. However, if you know that you will exceed their limit, opt to get extra miles at the start. The amount you pay will still be lower than any over-mileage cost. One thing to remember, is that you won't be charged over-mileage charges if you decide to buy the leased car once your contract ends.
You should also take note of the cost of residual percentage, which refers to the residual value of the car once the lease is up. If this value, usually listed as a percentage, is high, that means that the amount of depreciation you have to pay is lower, which translates to lower monthly payments. One other value to take note of is the residual amount, which is the amount that you still need to pay in case you decide to purchase the car once the term ends.
Once you feel confident that you want a leased car, the next step is to shop for one. Online research is the quickest way to find the best lease deals. There are websites that collate and compare different offerings, or you can visit the website of your car maker of choice. Leased deals from car makers and usually less expensive than dealerships.
When looking for the best deal, don't just focus on the least expensive car. You need to look at two factors - which requires the lowest out-of-pocket amount and the lowest monthly payment. When requesting for a quote, don't just settle for one. Ask for quotes from different locations, and request that the quote include taxes, registration, and other fees.
About the Author:
Check out our guide to leasing a car for a summary of the things to keep in mind when picking a car lease company at http://www.fightingchance.com now.
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