How to Know If You're Getting a Good Lease Deal

Let’s face it, there are a lot of car lease deals out there, all claiming to be the best as the many car manufacturers try to get your attention and your business. But, how can you tell if you are really getting a great deal on a car lease? Keep reading for a few tips that will help you easily analyze car leases and pick the one that is best for your budget and expectations.

Check the Mileage Requirements

A lot of car leases will end up dictating how many miles you can put on your car per year and this could be a major hassle if you travel a lot. For example, you might be restricted to putting a maximum of 10,000 miles on the car annually. If you regularly commute to work, if you take day trips, and if you take your kids to school every day, the miles can quickly add up. If you go over the limit, you could be hit with some high charges that amount to hundreds of dollars that you didn’t expect to pay. So, before signing on the dotted line, ask about mileage caps first.

Watch Out for Hidden Fees

On top of the mileage caps and fees, you should also keep an eye out for other hidden fees that a car dealer may not tell you about immediately when they are trying to get you to lease a vehicle. These could include everything from registration fees and taxes that you have to pay when you get the car, to fees that you will have to pay upon returning your vehicle at the end of your lease. Asking about fees before you decide on whether a lease is right for you will allow you to properly budget and eliminate nasty surprises.

Determine the Long-Term Value of the Car

When it comes to leasing cars, you want to choose makes and models that will hold their value. These vehicles will be more attractive to car dealers, who know that they can still resell the car at a high price after you return it, even if it is used. Searching for options that have the highest residual value will help you narrow down your choices to those cars that will have lower lease payments.

Shop Around and Get Prices

As with anything else, shopping around and asking different car dealers what they would charge to lease a car will be a great way to compare rates and find the best deal. You may be surprised by the variation in prices from one dealership to the next, so it is definitely worth your time and effort to ask plenty of questions before settling on the car that you will lease for the next few years.

By following the simple tips above, you can reduce the risk of getting yourself into a car lease that you will end up regretting. Being wise during the buying process will allow you to analyze a lease contract and determine if it is a great deal that is worth pursuing.