For many people, leasing a vehicle is so much better than purchasing it. You can decide whether this is the right choice for you by weighing in the pros and the cons of both options. For example, a car owner needs to worry about the value of the vehicle depreciating after a few years, while a person who leases doesn’t have that worry. But, someone who decides to purchase a car knows that the vehicle is only theirs, and that provides a better sleep at night. We can’t say which one is better as these things heavily depend on your choices in life, as well as budget and goals, but, we can help those looking to lease avoid a few mistakes that may cost them a lot of money.
If leasing a car is on your to-do list for the near future, you want to stick around until the end of this article. Here are the six most common car leasing mistakes people make.
1. Not trying to lower down the initial price by negotiating
Negotiating is something that works almost everywhere in today’s modern world, but the amount of people not using it is huge. They think that if a price is pre-determined, there isn’t a way for that to change, but that’s not true. Before you pay for your lease, you can negotiate and drop the price down, even though it sounds impossible. These are the things that you can negotiate:
- Value of the trade-in
- The fees that the dealer takes
- Costs of any add-ons
- The mileage cap that you are allowed to put every year
For more information about anything related to car leasing, as well as taking a look at a few offers, you can take a look at www.carleasesupermarket.com
2. Settling to keep the vehicle longer than the warranty lasts
It’s bad to keep your vehicle longer than the actual warranty covers it because if something goes wrong, you will be responsible for the costs. And, since most people that lease a car choose a vehicle that’s new and modern, repairs and parts may cost a lot, so don’t involve yourself in this. As soon as the warranty expires you should return the vehicle and go sign another contract, potentially getting a new lease. Some vehicles are really expensive to maintain and if the engine ends up breaking down you will get yourself in an infinite money pit.
3. Neglecting the importance of the post-lease inspection
Yes, leasing a car is not the same as having your own, because you “don’t have to take care of it so much”, but it’s not exactly like that. You see, there’s a really strict inspection of the state of the vehicle before it is given to you, and then there’s another strict inspection after you return it. If you didn’t take good care of the car, you’ll have to compensate somehow, which is why we suggest that you drive it like it’s your own. We’re not trying to scare anyone off from leasing, but you need to know which things are allowed and which aren’t. For example, regular wear and tear are acceptable, but if you burn the clutch or dismantle the transmission by shifting irresponsibly while on the road, that’s totally on you. Last but not least, it’s important to note that you are not allowed to make customizations to the car, even if that means improving the vehicle. If you add a $5000 sound system, you will still be asked to remove it before returning the car. It’s simply not allowed.
4. Underestimating the miles you’ll put on the car
You need to be very real with yourself when it comes to forming a deal with the dealership about the mileage. You probably think that you’ll drive less, but in most cases, that’s just not true. Once you form a relationship with the vehicle it’s over for that mileage cap. However, you shouldn’t get yourself in a situation where you need the vehicle but the cap is already filled. It’s a bad scenario.
5. Not trying different places but going for the first one you find instead
Different dealerships have different policies, and most importantly, different prices. It’s never recommended to go to the first place and accept the first deal being offered to you. Even though you may find very attractive offers at the first dealership you go to, you should still consider other options as well. You never know if other dealerships have better prices and policies and they might even go lower by negotiating. Every larger city has multiple places where you can lease, so why not give them a chance?
6. Breaking your contract in the wrong way, negatively impacting your credit score
Even if life gets in the way and you want to break your contract with the dealership, you need to try and take things as slowly as possible. If you end up owing money or something like that, and you leave a bad impression on the dealership, it’s going to impact your credit score and your overall reputation which might make things a lot more difficult in the future when you want to lease once more.
Leasing a car can be a wonderful solution for those not looking to have a long-term relationship with a vehicle but still enjoy the ability to swap for a newer one whenever they feel like it. Leasing is amazing because it allows you to drive care-free and constantly be seen in the latest car models. However, there are some things that you need to know about. In today’s article, we covered the six most common car leasing mistakes that can cost you a lot of money if you are inexperienced with the entire concept. Feel free to check it out, and like always, we’re thankful for the time you took to read this piece. Take care.