In the market for a new vehicle but can’t afford to purchase a vehicle upfront at the moment? Then leasing a vehicle may be your solution. Believe it or not, many people are now opting to lease a new vehicle rather than purchasing or financing one. After all, from the intriguing low monthly payments to other promotional incentives offered by the manufacturer, what’s not to love about leasing?
At Car Cost Canada, our goal is to help customers like you slash the prices of new car leases or purchases. That’s why we offer free dealer invoice reports to help you uncover hidden factory incentives, rebates and more. Whether it’s your first time negotiating a lease or your 5th, we recommend that you keep these pointers in mind before heading into the negotiation process:
Know Your Numbers
We understand that the intriguing low monthly payments may look too good to pass up, however it’s important to know that new car leases have more components to it than just that. From down payments to excess mileage fees, you could find yourself with a heftier bill than expected every month. As a result, it is crucial to sit down understand what a your lease entails. For starters, you’ll want to determine the amount of money you are willing to spend on the following things prior to signing your new lease:
- Your initial down payment – the more you pay upfront, the less your monthly payments will amount to
- The total cost of your vehicle (otherwise known as the cap cost)
- Excess mileage fees – fees you must pay if you exceed your mileage allowance
- The buyout or purchase option price
Find Out If Leasing Matches Your Lifestyle
While leasing is not optimal for those who drive long distances frequently, it is however beneficial for those who use their vehicle more leisurely. For example, if you plan on exclusively using your vehicle to run short errands, then leasing is the perfect option for your lifestyle. Not only will leasing a vehicle slash the upfront price of your new car, you’ll save thousands that can go towards your monthly payments or future vehicles.
Understand The Limitations Of Leasing
When leasing a new vehicle, it is important to keep in mind that there is a pre-set kilometer allowance which may or may not compromise your lifestyle. Unlike when you purchase or finance a new vehicle, you will be asked to pay additional excess-mileage fees should you exceed your negotiated mileage allowance. That’s why it’s important to know how much mileage you use on average before signing onto your lease. The more mileage allowance you request for, the more costly your monthly payment will be.
Additionally, it is important to note that leasing a new vehicle will never enable you to own the vehicle unless you pay a buyout or purchase price at the end of your lease. Consider these limitations carefully before signing onto a lease.
Keep An Eye Out For Factory Incentives
While it may be tempting to jump into a new lease right then and there, it is important to keep in mind that new factory incentives are always rolling out. Though there are great incentives that manufacturers and dealerships advertise publicly, it should also be noted that there are even better incentives and rebates that can be uncovered using a Car Cost Canada dealer invoice report.
Beyond that, you will also be informed of the prices your dealership paid, in addition to receiving a preferred dealership referral–this will enable you to more savings, allowing you to negotiate your lease even further. Whether you want to negotiate the price of your monthly payments or want the terms of your lease, our dealer invoice report will help.
Ready to slash the prices of your new car lease? Sign up for a free dealer invoice report from our website today to ensure you negotiate the best deal possible for your new car.