It seems like buying vs. leasing is a common debate among consumers. In just a few minutes online you can find that will make you believe buying is the only way to go. Another few minutes, you'll have changed your mind and opt for leasing. The the truth is, leasing can be a great deal, you just have to know how to shop for the best leasing offer.
Why Leasing a New Car is a Great Deal
Pay Less Upfront
If you're short on cash for a down payment, leasing is a great choice. Most leases require little to nothing due at signing. Of course paying as much as you can upfront will save you money over the length of your lease, but a big lump sum is not needed.
The reason for this is simple. When you lease a vehicle you're only paying for the value of the vehicle you use. Not the complete price of the vehicle. So, in most cases the cost of a lease is much less. If a lease costs more than the purchase price of a vehicle, clearly it is a bad deal - surprising as it may sound this does happen. Review the total lease cost before you sign the lease contract to make sure this doesn't happen to you!
Enjoy More New Car
One of the biggest headaches of owning an automobile is dealing with repairs. The older a vehicle gets the more work it requires to maintain. Most lease terms last from two to four years, letting you enjoy the vehicle for the best period of it's life - when it is new! When the lease term is over you don't have to worry about selling or trading in your vehicle, just return it to the leasing company and your done.
Afford a Luxury Vehicle
Over 50% of luxury drivers lease. The lower cost of leasing allows you to drive a vehicle that may be out of your price range to buy. Leasing a luxury vehicle can be a great lease deal because most models have higher than average resale value. The higher the vehicle's residual value the smaller percentage of the total price you'll pay to lease.
Although leasing makes higher priced vehicles more affordable - look for great leasing deals for lower priced models as well. There are many economy models that cost less than 0 a month.
How to Find the Top New Car Lease Deals
Research Like a Buyer
Start by researching multiple makes and models. Compare prices and residual values, the higher the residual value, the less you'll pay to lease. Take notes, including MSRP, factory invoice price, and resale values for the vehicles you're interested in. They will help you down the road.
Keep an eye out for special manufacturer or dealer leasing specials. Often such deals are the best the industry has to offer.
Compare Dealership Offers
Just as when buying a new vehicle, it is important to compare offers from as many dealerships as you can. Some dealerships may be offering special clearance pricing, or willing to lower lease prices to reach sales goals. You can even use competitor offers to negotiate a lower lease price.
Save Time & Money Using a Price Shopping Service
There are many online lease pricing services such as TopCarLeaseDeals.com. These services will provide you with all the information you need to get the best deal on a new car lease. The information is provided free of charge and you're under no obligation to lease or buy.