Leasing a car can be a smart financial decision for those who want to drive a new vehicle every few years without the commitment of ownership. When you lease a car, you're essentially renting it for a fixed period and paying for the vehicle's depreciation during that time.
However, leasing a car can be confusing, with various terms and fees that can add up quickly. In this guide, we'll walk you through the five steps of how to lease a car and the factors to consider before making a leasing decision.
What Is a Car Lease?
A car lease is an agreement between a car dealership and a consumer, where the consumer pays a fixed monthly amount to use a vehicle for a specified period, usually 2-4 years. Unlike buying a car, where you own the vehicle and make payments towards its total cost, leasing a car means renting the vehicle from the dealership.
During the lease period, the consumer is responsible for maintaining the car and paying for its insurance and any required repairs or maintenance. At the end of the lease term, the consumer returns the vehicle to the dealership, at which point they may have the option to purchase the car or lease a new one.
How to Lease a Car in 4 Easy Steps?
Do Your Research
Every year, thousands of new makes and models hit the market. As a lessee, you can get just about any car you want, which is the problem. With the many options out there, it's easy to get overwhelmed. Before heading to a dealership, do your research and break down the factors you want in your car.
Narrow down the make and model you want and factor in the price and how it fits your budget. When budgeting for the car, prepare to part with a small amount that will go to taxes and fees. Consider your driving habits and how the new car fits your lifestyle.
Once you have the car year make, model, price, and trim down pat, you need to call your local dealership to find out if the car you want is available. If other dealerships have the exact vehicle, you'll be better positioned to negotiate a reasonable lease payment.
Understand Your Lease Requirements
Auto leases vary, but most of them still have some universal themes. Most lease contracts allow 12,000 miles a year. If you rack up more miles than your contract stipulates, be prepared to pay about 10-30 cents for every extra mile. It's advisable to weigh the miles you cover monthly and use that figure when negotiating a lease deal.
Review Your Contract Before Signing
Once you've worked out the nitty gritty of the lease, the dealer will ask you to sign the paperwork at the finance office. Review your contract to ensure the figures written down are the ones you agreed upon, and no extra charges have been added.
Lease a New or Preowned Vehicle at Our Venice Dealership
Leasing a car is an excellent alternative if you want to drive a car but don't want to or can't afford one. Once you've successfully leased a vehicle, remember to keep it in pristine condition to avoid extra fees for wear and tear when you return it.
If you want to lease quality preowned vehicles in Venice, look no further than Sunset Cadillac of Venice. Get a bang for your buck by contacting us today to get started.
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