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How to Lease a Car
If you’re wondering how to lease a car, you aren’t alone. Choosing to lease a car can be very convenient for a multitude of reasons. Leasing a car essentially means that you rent a car for a period of time and return it when that time is up. You get to drive for a fixed, low monthly payment, service expenses are covered, and you don’t have to worry about decreasing value. If you decide you want to keep your leased car at the end of the lease period, you can do so for (usually) a very reasonable price and simply continue making monthly payments to work towards owning the car. If you think the convenience and flexibility of a lease is right for you, here are the steps you can take to get one.
Step 1: Find where Leases are Available
Most regular car dealerships offer lease options, and many even have special lease offers available. You can do an online search of dealerships in your area and check their websites for lease offers.
Step 2: Check for Available Specials
In order to move stock, manufacturers frequently rotate through vehicle lease specials. If the vehicle you want to lease isn’t currently available through a special offer and you’re not in a big hurry to lease, you might call and ask if any specials are planned for that vehicle in the next few months.
Step 3: Find out about Extra Charges
Leases usually require a somewhat substantial ($2,000 or more) down payment before low monthly payments begin. You may also need to pay extra charges such as tax, title fees, registration fees, insurance costs, et cetera. See if the dealership can give you a quote for everything (all extra fees included) before committing to a purchase. Also, be aware that leases normally have a maximum miles-per-year limit, and charge per mile if you go over that limit. Remember to ask about the limit and the charges that apply to it.
Step 4: Take a Test Drive
You wouldn’t buy a car without test driving it, and a lease should be no different. Set up an appointment to come in and take a test drive. Make sure you like the way the vehicle runs, and that you’re happy with whatever extras are included with it (leather seats, navigation system, etc.). Keep in mind that you’ll likely need to pay more for extra features, and refer back to Step 3.
Step 5: Lease your Car
Once you’re sure you’re happy with the conditions of the lease, all that’s left is to make the down payment and drive it home. You’ll be sent a reminder when your leasing term is drawing to a close. Until then, enjoy your lease!
Leasing a car is a convenient alternative to buying if you don’t want to worry about depreciation and you’d like lower monthly payments. Following the steps above will help make sure you get the lease you want as a well-informed buyer.
