I have never leased a car before. All/any information would be very helpful.
2006-09-13 10:01:30 · 5 answers · asked by Auntie Chamko 2 in Cars & Transportation ➔ Buying & Selling
1)How many miles will you drive a year? Most leases allow 12,000 a year. If you forsee more driving then purchase the extra mileage because they are cheaper beforehand rather than when you turn it in.
2)How often do you want to drive a new car? Don't get suckered in to a 4 year lease if you like to drive new cars every 2 years.
3)How do you treat your car? If you're the type that spills everything (like my dad) and get lots of dents, then you're going to have to fix them all when you turn it in, or they'll charge you.
4)Can you afford the higher liability insurance? Most banks require higher coverages.
5)Does the payments include GAP insurance? This is very important just in case the car is totalled.
6)What are the penalties for terminating the lease early? There may be unforseen financial difficulties where you may have to get out of your lease early.
7)How much should the payments be? You can negotiate the price of the car just as if you were buying. Don't negotiate payments only.
8)Do you know the leasing terms, such as Money Factor? Money factor is actually another word for APR. Multiply the money factor by 2400 to get an idea of what the APR is.
9)Even though most leases don't require a downpayment, there's usually the Total Drive-off Fee, which includes bank fees, security deposit, 1st payment and DMV fees.
10)Try not to lease longer than whole years.... for example, lease for 36 months rather than 39. By leasing that extra 3 months, you would be responsible for paying the registration fees and such.
11)Residual value. The higher the residual value (another word for resale value), the lower your payemnts will be. Hondas, Toyotas and SUVs usually have the highest resale values due to their popularity.
12)Do you know you can trade-in or sell your leased vehicle anytime you want? So you'll want a car that's popular so you won't have too much trouble selling it.
13)Try to find a factory backed lease. They are almost always cheaper and the terms are clearly spelled out, less chance of the dealer trying to screw you.
14)Try and see if there's a car you'd like at swapalease.com. It's a place where leasees go to dump their contracts. It's pretty good place to find short term leases (as low as 1 month) and without having to pay any drive-off fees.
2006-09-13 10:14:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How long are you going to drive the car? If you're the type who changes car often, lease is for you. If not, leases are more expensive than purchases.
Very important! You need to estimate how many miles you drive per year since leases usually have a maximum mileage allowed. If you go over, it can be very expensive.
2006-09-13 17:10:55 · answer #2 · answered by HW 4 · 1⤊ 0⤋
ok..its like this...lease is a car is rent a car.....in the time u pay for a lease, u could own ur own car..no mile limits and u never worry about paying more money
its like renting an apartment
2006-09-13 20:40:04 · answer #3 · answered by tamalekingpin 3 · 0⤊ 0⤋
Reason #1: Are you really stupid enough to rent a car for three years?
Reason #2: Are you rich enough to waste money?
Reason #3: See reason #1
2006-09-13 19:59:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Will your job go overseas.
2006-09-13 17:36:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋