3 Insightful Tips on How to Get the Best Auto Lease Deals
Whether it’s a proficient car buyer like J.Lo or an average Joe, a person can easily get daunted while finding the best deals on car leases. The reason may be many including strange lingo, confusion about monthly payment and uncertainty about which points of the contract are negotiable.
However, leasing a car is becoming more and more popular to the extent that virtually one in every 3 new cars departing the dealerships is leased. Especially BMW & Jeep Auto lease deals can be highly beneficial to certain people for their particular lifestyle and requirements of using premium cars.
If you too are confused about how to get the best deals on auto lease, here are a few insightful tips for you.
1. Know What is Best
If you are looking for a top car like BMW and have invited quotes from various dealers, you may feel daunted while comparing the quotes. This may be due to the fact that the car a dealer has in stock comes with various options. For instance, one car may cost $35,000 while another car may cost $40,000, but still a better deal because of its upgraded features.
There is a simple way to identify the best deal. Note how much the dealer charges over the invoice price. The invoice price is approximately what the dealer paid for the car and indicates the lowest cost you can possibly find. Although the total cost changes, the relationship to the invoice price shows the best deal. E.g. a car costs $35,000, but its invoice price is $34,000; so, its price over invoice is $1,000. Another car that costs $40,000 has an invoice price of $39,500, which means that its cost over invoice is $500.
2. Finding Market Value of the Car
To find the best deal in the above-mentioned way, you should first know about the true market value of the car you are looking for. For this, you can use a pricing website like NADA and find the fair price of the car and its invoice price.
However on certain models, there are several factors like customer cash discounts which could let the dealer price the car even less than the invoice price.
3. Look for a Car Holding its Value
While leasing a car, you pay for its depreciation, and tax, interest and some fees. Therefore look for a car that depreciates less or holds its value, so that you have to pay less for the lease.
Car lease is a great option of getting a car to drive that you can’t afford to buy. And by finding the best deals on leasing, you can enjoy a still lower price.