There is no reason to feel intimidated about the prospect of leasing a vehicle. On the contrary, a car lease in Orlando allows more flexibility and it is not nearly as big of a financial or time commitment compared to traditional financing.
While these benefits are great, you are probably still wondering the best way to spot a good lease deal. Based on real situations we see every day at Volkswagen of Orlando, these are five different ways to spot a great lease you can feel confident about.
1. Spend time researching the type of vehicle you want that fits your budget
Whether you are buying or leasing, the first step of the process is always research and asking questions that only you can answer.
What type of vehicle do you want? What kind of features to you want to be included? What is your budget? How much do you want to pay? After you've sorted out some of this basic information, you are free to take a look at the models that fit into your pool of qualified candidates. Once you narrow down your choices, finding the right lease is so much easier.
2. Make the right move with your existing vehicle
If you own the current vehicle you are driving, it is in your best interest to use it as a trade-in with the dealership you plan to lease from. You can use the money as capital towards the down payment of your lease or even towards monthly payments, depending on the value of the vehicle.
However, if you are in the middle of leasing your current ride, there are options to get out of it. For example, you can transfer the lease to someone you know or list it on a lease swap website.
3. Give yourself some leeway if you haven't found the perfect vehicle to lease
Patience is everything when it comes to making a major financial purchase. It is true that leasing is the more conservative play compared to buying, but it's still a big investment. Therefore, if you are researching the next vehicle you want to lease and have yet to come across one that screams "YES!" to you, don't make a hasty decision.
If your current lease is about to expire, ask to extend it month-to-month. Or, if you own your current vehicle, keep driving it until you come across the right lease deal.
4. Be cognizant of how many miles you drive before you sign the lease
Once you have found the right vehicle that is within your budget, it's time to negotiate the lease. A stipulation that comes with entering a lease contract is mileage restrictions.
Typically, dealerships work in language that restricts drivers to 10,000 miles a year on the leased car, SUV, or van. If this works for you, no action is needed.
However, if you plan to drive more than 10,000 miles every 12 months, it is in your best interest to be clear up front. This way, you won't be paying large overage fees.
5. Make a one-time payment once you are ready to start a new lease
One reason people lease is having lower monthly payments compared to traditional financing. If you want to make that payment even lower, you can elect to put down more cash than is required at the down payment. If you have the ability to do this, your future self will thank you because your low-price lease will be that much more affordable month-to-month when the bill is due.
Even if can't make a significant payment right away, we highly recommend paying as much as you can upfront.
Consider the preceding five tips as a starter guide to ensure you are taking every action possible to get a good lease deal. If you have more questions, give us a call at 855-634-9221 to learn more
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