When it comes to car leasing, there are a few things you need to be aware of to make sure you get the best possible deal. If you follow these dos and don’ts you’re sure to have a smooth sailing experience. Car leasing doesn’t have to be a complicated affair, many car leasing companies try and make the process as simple as possible.
Reputable car leasing company, All Car Leasing have put together this list that comprises some of the dos and don’ts when it comes to leasing a car.
Do your research
Like any important financial decision you make, researching the subject is very important. You want to be prepared and know of any potential risks before signing any contract. When it comes to car leasing, you want to do some research to discover exactly what you want from the agreement and to be aware of any extra costs. This is why it’s important to read the fine print and do your research beforehand.
Do get GAP insurance
Although some car leasing companies will include insurance in the monthly price, it’s still necessary to check just in case your deal doesn’t include this. Insurance is important, as you want to be protected in the event of theft or damage.
Do start your lease in August-October
This is because most new models are released at this time, meaning you won’t lose money in depreciation. Depreciation is one of the biggest costs when it comes to car leasing, so leasing during this time is preferable.
Do check your mileage agreement
If you’re someone that uses your car a lot, it’s even more important to check the mileage agreement in your contract. If you usually go above the number of miles you’re allowed, you should negotiate to reassess this number, as you don’t want to be stuck paying any additional costs.
And onto the don’ts…
Don’t end your lease early
One of the worst things you can do when you enter a car leasing agreement is to terminate the lease early. This is because ending your lease early can cost you a lot of money, which isn’t worth it. Before you sign a car leasing contract, it’s important to know if you can follow through with the agreed payments, as not being able to will cost you.
Don’t ignore wear and tear guidelines
Despite not owning the leased vehicle, you will still be responsible for keeping it in good condition. If you return your vehicle with damage done to it, you could be liable to pay for it. This is why it’s very important to take care of your lease vehicle.
Don’t overcommit and not follow through
As mentioned before, not following through with your car leasing payments is an expensive mistake! It’s always important to ensure you have the income and finances available to carry out the monthly payments until your term ends. If you don’t, the car leasing company will charge you an early termination fee, which isn’t worth it.
