Automotive

Things to keep in mind when leasing a car

Do you wish to have a new car but don’t know what to do?

New cars are quite expensive and leasing is the perfect solution to get into a new car. Signing a lease means you are surely financing a vehicle for a set period. Leasing a car is so beneficial in terms of;

  • Being a less expensive way to get a nice new car.
  • Having a lower cost of maintenance because almost all lease cars are under the original factory warranty.
  • You can enjoy the luxury of having the latest model car every few years.

What do you need to know about car leasing?

There are five key numbers you need to know before leasing a car.

  1. The sale price of the vehicle:

Basically, lease payment depends upon the sale price of the vehicle. If the sale price is low while buying a car, the lower the lease payment too.

  1. Residual amount and percentage:

Percent residual value of a vehicle is a very important factor. The percentage of residual is inversely proportional to the amount of depreciation you have to pay. High residual percentage value means lower monthly payment.

  1. Dealing with miles & over-mileage:

You are restricted to certain miles annually when you sign the deal and in case of exceeding the limit; you will be charged a fee. It is better to add extra miles during signing your lease agreement with a small increase in payment. Otherwise, charges can be high.

  1. Disposition fee:

To cover up the expenses of cleaning up to sell the car after you return it, Lease Company charges a fee. This is a normal fee you don’t have to pay in case of buying the same car at the end of lease or leasing or purchasing another same brand vehicle.

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