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On the prowl:Tips on Leasing a Car

When one decides to lease a car, several issues need to be addressed. The type of driving, destination distances, desired mileage, etc. are all important factors when it comes to choosing the vehicle of your choice. It is important to strike the right balance between one’s needs and wants regarding a car otherwise it may result into an overpriced or an awful deal.

Several points such as those given below must be considered when leasing a car: Do not make an impulsive decision: It is important to consider and then reconsider all the factors regarding budget, needs and future use of the car. You must be aware that a leased vehicle is expected have minimal abrasions at the end of the lease period. Furthermore, the cancellation of a lease before the expiry of the term may lead to a financial penalty. So make sure that you lease a car for the amount of time that you need it and later on you can get an extension if necessary.

Conduct thorough research on the dealers: Before zeroing in on one dealer make sure that he answers all your queries, is honest and is professional in his approach. Choose a dealer with a good reputation in the market. Find out the market value of the car that is to be leased: Before you actually lease a car and start making the payments for it, find out the market value of that car. This will give you an edge when it comes to negotiating the lease amount.

Carefully work out the lease term: Before leasing a car, make sure that the term of lease is no longer than the warranty offered by the manufacturer. One needs to be aware that if any mishap occurs with the car after the expiry of the warranty, the money required to fix it will have to come out of the leasee’s pocket.

Don’t believe everything that is written in the advertisement: Do not blindly trust whatever is written or shown in advertisements. More often than not, there are hidden clauses and you have to understand that all that glitters is not gold! You should go to the dealer with your questions prepared so that you do not end up being fooled.

Work out the timing of your lease contract: Generally, the newer models of cars are introduced between September and December so if you decide on leasing in say April, you are getting a car model that is practically half a year old. However, if the dealer is offering you a significant discount for it, it just might be worthwhile to consider leasing the car.

Find out about the promotional deals offered by the company: Generally, during holidays and annual closeouts many dealers offer promotional packets. Find out about these to extract the maximum benefit out of your lease contract. However, before getting lost in the glitter of the deal make sure that the dealer does not decrease the residual value of the car or add on other latent costs to get even.

Check out your financing options: Different dealers may offer different financing options, some even with certain incentives. Banks, credit unions and vehicle leasing companies offer financing for leasing a car. The trick is to opt for financing that suits your needs the most.

Do not get disheartened: Last but not the least, do not loose heart no matter how many dealers you have to go to in order to get the best deal for yourself. You do not have to feel either obligated or pressured to sign a contract. There always is an option of getting another car and another dealer if one does not exactly suit your needs and desires.
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