How to lease a car in 7 simple steps

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facebook email Purchasing a luxury model such as this Mercedes Benz GLC Class may be outside your budget, canada goose coats but leasing can place a vehicle like this canada goose factory sale within your financial reach. (Mercedes Benz )

BY Warren Clarke

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Friday, August 5, 2016, 3:32 PM

canada goose deals We canada goose coats on sale live in times that are fickle and fast moving, and what’s hot, viral, and trending this morning is often cold as ice by sunset. As such, it’s not surprising more and more people are choosing to lease cars rather than buy. canada goose deals

According to data released by Experian Automotive, a source for car industry data, a third of all new vehicle transactions in the final quarter of 2015 were leases. This represents an increase of more than 10 percentage points over the level seen in the fourth quarter of 2011.


For many, Canada Goose Outlet purchasing a car represents a long term commitment, and given that automotive technology and innovation hurtles forward at the speed of light each year, this kind of extended union can feel restrictive. Car leases are available for as few as 24 months, and this gives a lessee the freedom to quickly trade up to the most current model.

Canada Goose sale Not all lease opportunities are equally rewarding, and you’ll have to do some homework to land an optimal lease. Here are seven steps designed to help you strike a car lease deal you’ll be happy with. Canada Goose sale

Make sure leasing is right for you by taking a look at all the pros and cons before moving forward. (Pexels)

1. Make an informed choice as to whether leasing is right for you. Leasing offers benefits, but it also comes with drawbacks. If you want to avoid being surprised or disappointed, it’s important to scope out the terrain before charging ahead.

cheap Canada Goose The key advantage to leasing is it enables you uk canada goose outlet to Canada Goose Jackets pay less money each month than you would if you were to purchase a car. This may allow you to step up to a more premium vehicle than you could otherwise afford. You’ll also be able to drive off in a new car with less money down. cheap Canada Goose


buy canada goose jacket cheap Depending on the length of the lease, repairs may be covered under warranty, and Canada Goose Coats On Sale this means you won’t have to pay to get your car serviced if a component fails. buy canada goose jacket cheap

canada goose coats A leasing contract is finite. Once it ends, you’ll be in the market for a new car again, and you won’t have to worry about selling or Canada Goose Online trading in the old one, canada goose since disposal will be as simple as turning the car over to the leasing company. This makes leasing a good cheap Canada Goose choice for those who plan to frequently upgrade to the newest model. canada goose coats

canada goose clearance sale The key disadvantage to leasing is that it doesn’t confer ownership, and a lack of ownership places restrictions on what canada goose uk shop you can do with the vehicle. For example, if you have dreams of customizing your car with aftermarket options, leasing isn’t for you, since the terms of a typical car lease don’t allow those changes. canada goose clearance sale

Leasing contracts also have mileage limits, and most contracts allow 12,000 miles per year. If you exceed this, you’ll have to pay extra, and this usually runs about 10 to 15 cents per mile. Canada Goose sale If you put buy canada goose jacket lots of miles on your car each year via road trips or a long work commute, leasing may not be ideal.

Canada Goose Parka Leasing also requires that the vehicle canada goose clearance sale be well maintained. If there is damage or wear and tear, you’ll have to pay a penalty. Canada Goose Parka

With leasing, Canada Goose online you never own your car, which means you never build equity in the vehicle you’re driving, and you never stop making payments. Though leasing will cost you less each month than making loan payments for a purchase, keep in mind the cumulative cost of leasing for several years could easily exceed the cost of buying a new vehicle.

buy canada goose jacket Leases also commonly require extra charges called acquisition and disposition fees. You should pay one or the Canada Goose Parka other, but not uk canada goose both. buy canada goose jacket

canadian goose jacket If you’ve analyzed this information and decided leasing makes sense for you, it’s time to move on to the next step. canadian goose jacket

2. Set the terms of your lease. When setting up a lease, you’ll have to decide how much of a down payment you want to make, if any. You’ll need to determine the span of the lease contract. You’ll also need to decide how much you want to pay each month.

canada goose Down payments aren’t required for car leases, and we’d recommend you not make one. If one is made, keep it under $1,000. The reason behind this recommendation is this: If your vehicle is stolen or totaled, you may lose your down payment. In the event of theft or a total loss, insurance companies reimburse you for the actual market value of the canada goose uk outlet car, and that takes a hit the minute you drive off the lot. According to statistics published by Edmunds, a company providing automotive data, new cars depreciate by an average of 19 percent in the Canada Goose Outlet first year of ownership. canada goose

Guaranteed auto protection (GAP) insurance is required by most lease contracts, and it can help cover the difference between the car’s market value and the amount owed to the leasing company if the car is written off or stolen. However, keep in mind that even with GAP insurance, there may be limits to the amount of protection provided. For example, Progressive which calls this kind of protection loan/lease payoff coverage limits its coverage in this area to 25 percent of the actual cash value of the vehicle at the time of the loss, and this may not be enough to fully reimburse you for a large down payment. Your best bet is to minimize your risk by minimizing your down payment.

canada goose store scrubsuniforms It’s also important to remember a key advantage of leasing is it frees up your cash flow by providing you with expenses that are more manageable than those associated with buying a car. If you shell out lots of money for a big down payment, this will negate this advantage. canada goose store

Canada Goose online As far as the span of the lease contract is concerned, we’d recommend having your lease agreement not extend beyond the length of the basic warranty offered by the manufacturer. This helps you avoid having to pay for repairs on a car you don’t own. Most manufacturers offer basic warranties with three year protection, though some offer warranty protection for four or five years. Canada Goose online

Canada Goose Outlet Take a look at your overall budget to determine how much you’ll be able to afford for a monthly lease payment. Keep in mind that advertised lease offers typically require a down payment and do not include sales taxes and fees, so the monthly lease payment could be more costly canada goose store than you’d anticipated Canada Goose Outlet.