Though car leases are in demand today, there are still those who hesitate about this option or are just preparing for his or her first experience. No matter, if you consider Chevy lease deals in NY or you are looking for something more expensive in any other area, making thoughtful steps is crucial, anyway. So, it is quite normal if you have questions about leasing, as the answers help you find your way.
In this article, we are going to make some leasing points clear, and experts of Grand Prix Motors, a car leasing company from Brooklyn, New York, will provide professional assistance. So, let’s start!
1.How Do I Understand That Leasing Is My Choice?
Well, it’s always up to you whether to lease a car, to finance it, or just purchase it for cash. Leasing may be a solution for you if:
- You don’t want to commit to any car issues like maintenance, repair, or future resale.
- You prefer diversity and would like to drive a new car every two or three years.
- You want to spend less on your monthly payments, and a personal offer is just what you are looking for.
If your answer is “yes” to at least one of these questions, it means that you may benefit a lot from leasing, so feel free to try it.
2.How to Calculate a Car Lease?
Your lease fees and monthly payments will depend on a few factors, including the following:
- Manufacturer’s suggested retail price (MSRP).
- The length of your lease period.
- Expected mileage.
- Manufacturer’s incentive and discounts offered for the car you choose.
- Residual value of the car you choose.
Moreover, some car leasing companies offer special calculators on their websites. So, you can use them to see the approximate value of your future lease – however, please note that you can see the exact figures only after the company prepares a personal offer containing all the details.
3.Should I Pay More If I Lease an Expensive Car?
In fact, it is not exactly like this. When you lease a car, monthly payments are estimated according to residual value which shows how much a given vehicle may cost at the end of the lease period. Residual value is expressed in a share of the car manufacturer’s suggested retail price (MSRP).
As Grand Prix Motors experts explain, the higher this figure is, the less you pay, as it means that the car loses little after two or three years of mileage. That is why BMW lease deals, for instance, are often more affordable than you may think.
4.How Long Can a Car Lease Last?
There are no standards here, and everything depends on the company when you make your lease deal. The terms may range between 4 months and 4 years. However, car leases which last for 2 or 3 years are the most convenient in terms of monthly payments and the ability to enjoy your dream car. If it was not enough for you, you may extend your agreement if the company’s policy allows.
5.Is Mileage the Same for All the Leased Cars?
The number of miles depends on a certain model, so make sure that it fits into your daily routine. Normally, the mileage ranges between 7,500 and 12,000 per year, and the second number is more typical. Of course, if you lease a car just to drive it on weekends or to the neighboring block, then 7,500 may be enough. However, the experts insist that the minimum convenient mileage is 10,000 and more, as the risk of exceeding it is lower in this case. Please, remember that you will have to pay more if you break the mileage, so think twice when signing the contract.
6.My Credit Score Is Poor. Can I Lease a Car?
Today, many leasing companies are rather loyal to customers whose credit score is flawed. So, they can make offers to these lessees and even sign contracts with them. However, the terms may be rather tough in this case, as the company will seek to protect its own interests. This is usually reflected in higher monthly payments, although there may be other limitations, including no discounts from the dealer. You can agree to these terms if you really need a car or put off the deal and try to improve your credit score.
7.Can I Negotiate a Lease Deal to Get More Benefits?
Yes, the majority of leasing offers are negotiable. When you turn to a dealer, you will receive an offer which acts mostly like a letter of intent. You can discuss any point to get more benefits from your future lease, and it is a normal process, so don’t be shy and try to make the agreement sound in your favor. Besides, you can compare offers from several companies and choose a lessor who meets all your needs and requirements.
Of course, you may have more questions concerning your future lease deals. Don’t worry if there are things you don’t understand and just turn to the dealer to figure all the points out. The Grand Prix Motors experts recommend not to sign the contract until everything is clear to you – and discuss every point of your agreement with the company managers.