Leasing a car is often the best choice for most because you get to drive a newer vehicle for less than what it will buy one. However, the fine print in a lease at times goes unnoticed and the document is then signed. Here are 5 leasing mistakes that you should be avoiding.
- Putting down too much
Low monthly lease payments are usually advertised with putting a huge amount of thousands down. If you do that, and the leased vehicle is in a wreck or stolen the first few months, the insurance company will reimburse the leasing company but you won’t see a dime back.
- Forgetting gap insurance
With gap insurance, when a car is stolen or totaled, the car insurance company makes a payment for the value of the car and the sum may not cover the consumer’s total obligation. However, the gap policy will cover the difference. Otherwise, you will have to cover the difference on your own.
- Check your mileage
Many times, leasing companies hold you to low mileage limits. If you go over, the company to be charging you for every mile at the end of your lease. To avoid the extra costs, understand your driving habits before signing the lease and ask if the mile limit can be increased.
- Not maintaining the vehicle
When returning a car to a leased dealership, if it has significant damage right before turning it in, such as big scratches, dents, and so on, the consumer will have the option to have it fixed with his own money or the company will assess the damages. Always ask what is the condition limit of a returned car. Better be safe than sorry.
- Leasing for too long
The longer you have a car, the more maintenance it is going to need. Even though the general leasing term is from two-four years or a bit over, keeping it for longer than you need to can have you spending more money. Might as well buy it.
If you are looking to get into or out of a leased vehicle, check out the selection of vehicles online at Swapalease.com. 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