Secrets For Negotiating The Cheapest Auto Lease - Part 2
Be Prepared for the Acquisition FeeThe acquisition fee will usually be a cost of over $1,000 tacked onto the price at the time you sign. If you have a zero money down lease, you may still have to pay this fee, or the leasing company may include the fee in your monthly payments.
Consider Buying the Car After the Term EndsAfter your term ends, you may want to consider buying the car outright. The price to purchase your leased vehicle will be lower than what other outlets will charge for the same car, and by that point, you'll be very familiar and comfortable with the car. There will also be less paperwork involved, and rolling over into the car loan with the dealership will be much easier by then. If you've improved your credit score during this time, you may be able to get a better loan agreement than you would have if you had tried to purchase the car outright before.
Take Care of the CarAlongside the additional charges for going over your miles, you'll also pay extra if the vehicle is in bad shape when you return it. It's in your best interests to drive carefully and maintain the car's good quality during the leasing period. You're responsible for anything that happens to the car while you're leasing it (including accidents and repairs), so once you return it to the leasing company, you'll be liable for any potential damage or unaddressed repairs.
Most leasing companies have specific repair requirements should there be an accident or should damage occur, so be sure to contact the dealership if you do get in an accident.
Your Driving Record Has No ImpactYou do not need a good driving record to lease a car, and a clean record won't help you with negotiations either. However, you will need to have a valid driver's license to use the vehicle.
While the convenience, thrill, and glamor of car ownership have near-universal appeal, owning a car comes with many financial burdens that might not suit everyone. If you're hesitant to commit to these additional costs, leasing a car might suit you better. It's certainly an option worth considering!