Yes, you have heard it all before. The famous debate about whether it is better to lease a car or to buy a car. And Both sides start throwing out facts and figures as to why their side is right and the other side is wrong. But without being armed with the knowledge and cost-saving strategies either option can result in an expensive outcome.
To help our clients be prepared to save as much as possible and get the car lease of their dreams we have curated a list of the 3 best strategies to get the lowest possible lease payment.
When you go to lease a new car, you are given an option of the mileage limit. This number is significant because if you drive over the mileage limit then you are charged a per-mile fee, but can be about .20 cents per mile. This can add up quickly if you are not keeping track. Now, if you know you will be driving a lot it is better to have a large limit, but many people don’t, or use their car only for their commute to work and that’s it. If this is the case and you know you will be driving less you can lower your mileage limit from the standard of 12k down to 10k or 8k and save each month on the lease payment.
High residual value cars have lower lease prices than lower residual value cars. How can this be? The residual value is the value of something after a given amount of time. Cars depreciate, like all things, so the single greeted contributing factor to a car lease is the residual value. This means if you have a 3 years lear, subtract the expected value of the car, after 3 years from the current value. Whatever remains is the residual value, and determines the lease price. Generally, higher-end cars like Audi, BMW, & Mercedes hold their value for more time and you can get excellent lease deals on cars like these.
Your FICA credit score determines many parts of your financial life and leasing a car is no different. The higher your credit rating is the lower your monthly payment will be for a leased car. It signified a level of financial responsibility and lower risk for the car company and dealership, allowing them to be more flexible in the leasing terms. Leasing a lower cost new or used car and paying every payment on time, can help to build your credit. Then when the lease is up you can have more options on the cars that you have access to.
Looking for the lowest possible lease payments and want a brand new car? Choose VIP Auto Lease for your next car lease:
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VIP Auto Lease Of NJ 32 US-46, Lodi, NJ 07644 (201) 366-2228 https://vipautonj.com/