How Do I Lease a Car
Some drivers in Bedford, Manchester, and Merrimack may be considering leasing their next ride instead of buying. If you’re new to the leasing game, we’re here to help.
Our team at Ira Lexus of Manchester put together this guide on leasing. We want to show you the process and benefits involved in leasing a car, so you can decide whether it’s the right choice for you. Everything you need is here, on one page for your convenience.
THE BENEFITS OF LEASING
First, you want to make sure leasing is the right choice for you. Here are some of the benefits involved in leasing your next vehicle:
• Less Expensive in the Short Term. When you lease, you don’t pay the full purchase price of the car. You only pay for the amount the car will decrease in value over the course of your lease.
• Easier to Upgrade. Most leases only last between two to four years. When your lease period’s up, its easy to upgrade to a nicer, newer version with the latest in design and high-tech gadgetry.
• Covered by Warranty. Your warranty will often extend through your full lease period, so repairs won’t cost you a thing.
If you care about benefits like these, then leasing may just be the optimal way to GET BEHIND THE WHEEL of your next ride.
CREATE A LEASING PLAN
Discuss the terms of your lease with your dealership’s auto financing team, and make sure you arrive at a plan that fits your lifestyle. The first thing you’ll want to consider is the lease period. If you keep it shorter than your vehicle’s warranty, you won’t have to pay out of pocket for repairs.
But, if you want to extend your lease longer, to, say, four or five years, that’s also an option. Typically, longer lease terms will grant you lower monthly payments, so you may find it easier to finance your lease when your lease period is extended.
You can finance your lease through the dealership, a bank, or credit union. When you create your leasing plan, you’ll want to consider factors like the total price of the vehicle, the lease term, and the residual value of the car when your lease is up.
KNOW THE UPFRONT FEES AND INSURANCE REQUIREMENTS
Just like buying a car, leasing requires some upfront fees before you can drive your new ride off the lot. These can include a security deposit, as well as title, tag, license, and registration fees. Know all your fees ahead of time so you can calculate your costs accurately.
Also, the insurance requirements for leasing a vehicle are often different than for buying. You’ll want to consider your potential monthly insurance payments before you sign a deal on a lease to ensure you’ll be absolutely comfortable with your payments.
SHOULD I LEASE?
The decision of whether to lease is entirely up to you! There are benefits to both buying and leasing, and we want to make sure you’ll be happy with your choice.
If you live near Bedford, Manchester or Merrimack, FEEL FREE TO CONTACT Ira Lexus of Manchester to learn more about leasing, and get answers to your questions. If you’d like to lease one of our new vehicles, we can set you up with an expert who’ll work to develop lease terms that work for you!