A lot of people prefer leasing a car. This is primarily because with a lease, the monthly payments are much lesser than financing a brand new car purchase. Also, in the case of a lease, the down payment amount is not very high and the vehicle is generally new and covered under the manufacturer’s warranty. Here, we have some tips that can help you make the most of a car lease.

Top ways to make the most of your car lease

• Whenever you meet a service provider, negotiate the price of the vehicle as if you intend to buy it. After you both have settled on a good price, bring up leasing. This will help you get the best price for that particular vehicle.
• Remember, leasing is also a form of financing. Thus, make sure to discuss and negotiate on every small thing, including the down payment, purchase-option price and mileage limit.
• To make the most of a car lease, negotiate the lease money factor. This is a specific sum that is used to evaluate the interest or rent portion of the monthly payment amount.
• The Guaranteed Auto Protection (GAP) insurance is rarely included in the leasing deed. So, if it is not, make sure to buy it in order to protect yourself in case the vehicle gets stolen or destroyed in an accident.
• To keep your monthly expenditures in check, try to lease cars that do not depreciate faster than the average. You can check depreciation rates and other details on the internet before going for any specific model.
• Avoid leases that last beyond the car’s factory warranty.
• Make sure to study the leasing document carefully to check there are no end-of-lease procedures or fees mentioned. It is important to ensure that the policies and fees are clear and reasonable.
• If you expect the vehicle to run over the standard allotment of miles, it is best to purchase extra miles upfront. Any overage, when purchased later, will come at an increased price.
• If you want your monthly payment to be lower, then you must make a higher value down payment. It is smarter to consider your spending preferences early on to make the most of a car lease.
• If you are planning to purchase the vehicle after the end of the lease, make sure that the vehicle is at least worth the purchase price. If the vehicle is less than the purchase price, try to negotiate the cost. If the car owner doesn’t agree, it is advisable to walk away.

These are some quick tips to ensure that you make the most of a car lease. If you wish to enjoy the luxury of a new vehicle without any fixed ownership costs, leasing is the way to go.