A Guide: Buying or Leasing A Car

Leasing A Car

Though many people know that you can lease cars instead of buying them, few people know the what is involved in a lease. Below are some tips for getting a great lease, along with some things you may not have known about them.

Tips:

• Shop for and settle on a car.
  
  
• Don’t tell the salesperson you want to lease, at least not at first. Lease payments are based on the full price you'd pay for the car if buying instead of leasing. Negotiate the lowest purchase price you can, and negotiate from there.
  
  
• Discuss lease terms with the sales representative.
  
  
• Ask for a complete explanation of your liability in case of an accident or total loss of the vehicle.
  
  
• Check the depreciation on that model of car.
  
  
• Compare your costs, including the depreciation, to your costs if you were to simply buy the car and make payments.
  
  
• If you still decide to lease, don't get a lease for longer than the car's warranty period. This protects you from expensive repairs when you return the car.
  
  
• Review and sign the lease agreement and write a check.
  
  
• Get insurance as soon as possible.