Many people think because leasing options are so cheap that this is a great way to buy a new vehicle. While it might look good from a financial perspective, it might not be right for you and your family. Before you sign a lease agreement on a new car you should read the information below. Better informing yourself and doing a little bit of research can really help you save money and time when buying a new vehicle. When it comes to knowing everything about leasing options we’ve got the information for you.
What Is A Car Lease?
A car lease is an agreement between you and a dealership / manufacturer in which you are renting the car for a monthly payment. The reason a lease can be so attractive vs. a loan is due to the fact that it is often a much cheaper monthly payment that a loan payment. A car lease is great for someone who doesn’t drive all that often because of the fact that car leases usually come with a cap on mileage. This means that when you sign the agreement you will agree to only drive at so many miles. For instance, you might sign a two-year agreement with a cap of 35,000 miles. This means that this is not necessarily a great idea for someone who likes to drive a lot, family is that take road trips, or someone who has an hour to two hour commute to work each day. However, a car lease can be a great way to get into a new vehicle for a lower payment and select the option to buy after the lease agreement is up.
Calculating Lease Payments
When it comes to calculating a lease payment, you should check out the car lease calculator on cars.com. This free, easy to use online tool can help you determine which financial option is best for you and your family. Once you choose a make and model car that you were looking to buy, simply use the car lease calculator in order to estimate monthly payments. You can then print this information out and take it to a dealership in order to discuss the leasing options they may have for you to match this payment. Depending on what time of year you decide to lease a vehicle you might even be able to save more.
What Time Of Year To Lease A Car
Many people see extremely attractive commercials with low leasing option rates. This can often prompt us to go to a dealership and talk about a lease option. However, sometimes the time of year can have a direct effect on what you pay for lease. End-of-year sales are obviously the best time to purchase a new car. There are other holidays in which car leases can be a little cheaper than others. Thank 4th of July, Presidents Day, and Memorial Day. Some car manufacturers and dealerships run specific summer sales, as well. Just make sure when you decide to lease a vehicle that you do it during a sales event to save the most money.