Leasing is a low-cost and carefree way to drive a car of your choice for a couple of years. You can drive a new model, a different one after every lease period, and never pay in full for any of these vehicles. It is the best way to fulfill the dreams of driving a luxury vehicle like a Mercedes or BMW when you do not have the finances to purchase a new one.
Another best part about leasing is that you never worry about any car repairs; they are paid as a part of the lease agreement. All you need to pay is the pre-fixed lease amount monthly, fuel charges, and the basic cleaning and maintenance cost that your car would require during the lease period.
If all these aspects excite you, hold on. Leasing a car is not as simple as it sounds and you could be knocking on the doors of many dealers who can make it an ugly business for you if you do not have an outstanding credit score. Do not worry your dream of leasing your favorite car does not end here.
You can try the services of leasing companies that would do all the work for you. Lease A Car Direct provides expert service and the best car broker in Miami Beach, Florida. Their brokers are up-to-date regarding the latest trends in the market and can get you the best lease deal possible. They will charge you for their service but rest assured you will be paying more upfront without them. They have their way of getting to the bottom line at dealership prices.
What should you know before seeking a lease for a car?
Having some knowledge regarding the trends and technicality of the leasing business will ease out the work for you. This is what you should know before you walk through the doors of a car dealer to ask for a lease:
- The most important factor that makes you opt for leasing a car is financial constraint. If your budget is a problem, leasing is better for you.
- Car lease agreements are usually signed for 3-4 years, sometimes even 2 before you have to return the car.
- Certain technical terms are taken into account while deciding the final lease amount that you will be paying monthly.
- Some of the important terminologies are:
- MSRP which is the sticker price of the car which is decided by the car company.
- Capitalized cost is the actual price of the car. Lower the capitalized cost, lower would be your monthly installments.
- Do not disclose that you wish to lease a car before the dealer discloses the Money factor of the car. It can lower your payments significantly.
- Residual or depreciation rate of the car based on which your monthly installments are calculated.
- Remember, when you lease a car you are only permitted to drive a specified mileage which is specified in your lease agreement. You can always negotiate the same.
- While repairs are borne by the dealer, you mostly have to pay additional charges for regular maintenance.
After the termination of the lease period, you will have to return the car in a good condition. Some amount of wear and tear is inevitable, but any significant issues could put an extra burden on your pockets.