When you find that it’s time to get a new car you generally have two options: buying or leasing. Most people jump to buying a car because they don’t quite understand how leasing works or are nervous about not owning the car themselves. And for that reason, we are here to debunk three myths about leasing a car.
Myth #1: You get a better deal if you buy your car
It is true that if you keep a car beyond the time that you pay off the loan you used to get the car, you will be saving money by buying it. But what if you want to trade in your car before that day comes? Typically, your trade-in value will be less than the remaining balance on the loan. But by leasing a car you will know ahead of time just when you will trade in the car and may be able to negotiate a better price on the monthly payments. Then, when the day comes to trade in the vehicle you can walk away with no strings attached.
Myth #2: You can’t negotiate a lease
Wrong. Just about every aspect of a lease is up for negotiation. Being persistent and knowing the various aspects of a leasing price are key in getting the best deal in your next car. Understanding the difference between capitalized cost, money factor, and residual value will aid you in this process.
Myth #3: You will have to pay a ton of fees upon returning the car
Fees will likely only be incurred if you go over your amount of allotted miles. Typically a lease allows a driver to go 10,000 to 15,000 miles within one lease term. And penalties for going over that mileage is usually 20 to25 cents a mile. By carefully monitoring your mileage and returning the car without any damage you can avoid fees and save more money.
If you are looking to get into or out of a leased vehicle, check out the selection of vehicles online at Swapalease.com. Swapalease.com is the largest online lease transfer marketplace and has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW