How can you get a better deal on a car lease?
Compare, compare, compare
If you’re looking for the best car leasing deal, expect to dedicate at least a few days to some serious comparison shopping. It’s become easier to lease a car online in recent years, but if you really want to find a cheap car lease, you’ll have to call up individual dealers and see what kind of rates they can offer you directly.
Once you’ve gathered all of your information, you go back to a few of the dealers and try to strike a bargain. But there’s no guarantee you’ll get a substantial saving - and you might just be adding extra time (and stress!) to the whole process.
Put down a larger deposit
Leases are often advertised with numbers like 3 + 24 or 6 + 36. These aren’t a secret code - they’re a way to show the deposit amount and the length of the lease.
The first number is the number of monthly payments required as a deposit, and the second number is the duration of the lease term.
So a 3 + 24 lease would have three months’ payments as a deposit, then a 24-month lease term. A 6 + 36 lease would have a deposit of six months’ payments and a 36-month lease term.
The price of a lease is usually set for the overall term, so some drivers will choose to put down a larger deposit and lease for a longer term.
This can mean lower monthly payments, but it also means paying a larger lump sum at the beginning of the lease (which won’t be returned to you at the end) - not to mention having to drive the same car for three or four years.
Agree to a lower annual mileage limit
When you agree to a lease, you agree to a limit on the number of miles you can put on the car. Leases with lower limits tend to be cheaper, and higher limits are usually more expensive.
The limit is based on an estimate you provide, so some drivers will try to save by underestimating their average mileages.
But excess mileage will incur penalty fees - and you could be charged for additional wear and tear at the end of the lease. Going for a lower mileage might seem like a way to save, but it’s likely to end up costing you even more.