Introduction: The Best Cars to Lease and Car Leasing Special Offers
Leasing a vehicle is a great way to help get you into a car that you simply can’t afford to buy. While the purchase price on a quality new vehicle may be upwards of $40,000, you may be able to lease that same vehicle for 3 to 5 years for a fraction of that price.
Even the best car leases will eventually cost you more money than purchasing a vehicle, but a long-term car lease can make financial sense for individuals or companies who need a quality car for a set amount of time.
But how do you know which are the best cars to lease? There are thousands of companies out there all offering the supposedly best car lease offers. The sheer volume of these car leasing special offers may make it hard to know which cars for lease you should choose.
Image source: Pexels
In this brief article, AdvisoryHQ will explain why you should shop for the best car leases and what you should take into consideration when leasing a vehicle.
We’ll also look at the different types of best auto leases, including monthly car leases, long-term car leases, May lease deals, and the best month to lease a car.
We´ll end by reviewing some of the auto lease specials and best car lease offers currently found on the market.
Why Should You Shop for the Best Car Leases?
The best car leases aren’t always the easiest to find. Simply pulling into a well-advertised dealership may very well not be the best option for the best auto leases. When you are shopping for the best cars to lease, one of the most important things to remember is to not let on that you are planning on leasing.
Many car salespeople will artificially raise the manufacturer’s suggested retail price (MSRP) if they know that you are looking for cars for lease. The higher the MSRP on a car, the more you will end up paying in the down payment and monthly payments. It is important to compare car leasing special offers so that you can find out how different car leasing companies are valuing the MSRP of different types of vehicles.
Furthermore, many auto lease specials may offer low monthly payments or favorable down payment options while secretly writing into the fine print of your lease agreement a number of penalties and charges that could end up costing you. The best cars to lease should include upfront terms and conditions of your lease.
Furthermore, the best car leases should also offer gap insurance to protect you from potential damaging losses. According to bankrate.com, “If a leased car is stolen or totaled and the car insurance company makes a payment for the value of the car, that sum may not cover the consumer’s total obligation under the terms of the lease…The driver would likely have to pay the balance out of pocket unless he has gap insurance. In that case, the policy would cover the difference.”
To avoid a potential financial disaster when leasing a car, search for the best cars to lease that also come with gap insurance that will cover your down payment.
What to Consider When Leasing a Vehicle
When you’re researching the best car leases, you need to be aware of your personal driving habits and consider how you are planning to use the car. Don’t be fooled by the best car lease offers that advertise low monthly payments as a way to draw in customers – these auto lease specials may actually be more expensive over the long term.
Since even the best car leases come with some sort of mileage limit, you’ll need to know how many miles you usually drive each year.
A long-term car lease may allow you anywhere between 10,000 and 20,000 miles while a monthly car lease may only allow 1,000 miles. If you pass this limit, you may be charged anywhere between 0.10 and 0.30 cents per extra mile which can quickly add up to hundreds of dollars in penalties.
Furthermore, when looking for the best cars to lease, you should ask whether or not you will be able to transfer the lease in the future. Situations can change quickly, and if you want out of your current lease, the only way may be to transfer your lease to another individual. The best auto leases should allow you this option.
Also, the best car leases should allow you to negotiate the interest rate, or the money factor. According to edmunds.com “The interest rate is called the ‘money factor’ in leasing jargon. It’s one of the few elements of a lease you can negotiate…The dealer converts the interest rate into a mysterious-looking decimal number. To convert the money factor back into an interest rate, multiply by 2,400. So, if the money factor is 0.00125, multiply it by 2,400 to get 3 percent.”
Make sure that you know your credit score before you start looking for the best long-term car lease or monthly car lease. When leasing a vehicle, the money factor will be based on your credit, so it’s important to know what your score is to negotiate a fair interest rate.
Different Types of Best Auto Leases
There are a number of different ways to find the best cars for lease. The specific terms and conditions when leasing a vehicle will depend on how long you plan to lease the vehicle, how much you plan to drive it, and when you lease. The best cars to lease may be much cheaper during one part of the year.
Below, we will look at the differences between a monthly car lease and a long-term car lease. Furthermore, we’ll examine the best month to lease a car and certain May lease deals.
- Monthly Car Lease
Most car leasing companies prefer a long-term car lease. Cars can be rented for a month and may very well offer you more competitive rates. However, if you do want to find the best cars to lease on a month-by-month basis, you may be able to find a decent monthly car lease from leasetrader.com.
This website specializes in connecting buyers and sellers of car leases. Many people take on a lease but, for any number of reasons, may want to get out of their lease before the end of their term. If their lease agreement allows for the transfer of the lease, you may be able to find some of the best car leases with the most favorable terms on this website.
You can search for the make and model of the car that you want to lease as well as the months remaining on the individual lease. Furthermore, leasetrader.com also allows you to choose between the best car leases based on mileage limitations.
Since many people want to get out of a lease that has few months left on the agreement, you most likely won’t have to make any sort of down payment and simply assume the monthly payments for the remainder of the agreement. With a little bit of research, you may be able to find the best cars to lease on this website.
The car rental company Avis also offers a mini-lease program, offering some of the best car leases for short periods. It is currently offering a car lease offer where you can save $50 if you lease or rent a car locally.
- Long-Term Car Lease
The most common way to lease a car is through a long-term car lease. You can find the best cars to lease for anywhere between 24-month and 60-month deals. Carsdirect.com offers quality information to help you find the best long-term car lease for the best cars to lease.
While the best car leases may differ between individual dealerships, carsdirect.com can help you find the going rates for the best cars to lease in your area. It updates car lease offers on a monthly basis so that you can stay on top of the best rates available.
For example, in October of this year, one of the best cars to lease is the 2016 Toyota Corolla which you should be able to find for $215 a month and $1,999 due at signing.
Image source: Pexels
- Best Month to Lease a Car and May Lease Deals
Many car leasing companies may offer the best car leases during certain “down” periods throughout the year. Car leasing special offers tend to offer the lowest prices when the car model is introduced to the leasing market.
According to realcartips.com, “Generally, the best time to lease a car is shortly after the model is introduced. That’s when the residual value will be the highest – meaning you’ll likely save money on the depreciation cost.”
Furthermore, many companies may offer the best car lease offers on Black Friday. While many people may think of this “pseudo-holiday” as the best time to go shopping at the mall, you might also be able to find quality deals on the best cars to lease during this time of year.
Lastly, you may be able to find the best car leases near the end of any month. According to leaseguide.com, “Dealers often have sales quotas for which they can receive large bonuses if the quotas are met. If a dealer is nearing his quota for a given month, he will be eager to make deals to make the additional sales he needs to reach his goal.”
While the best car leases may be offered on a month–to-month basis, you may also be able to find a quality May lease deal.
May is the month after tax season ends, and many people may be interested in leasing a car for business purposes. You might be able to deduct a portion of your lease if you use your lease for business. More information about potential deductions on May lease deals for business leases can be found on the IRS website.
Auto Lease Specials and the Best Car Lease Offers
The best time to find car leases may be when companies are offering car leasing special offers. Dealerships go through ups and downs, and they can sporadically offer car leasing special offers to boost their sales volume.
While these special offers may be limited to certain regions, they will give you information on the best rates available to help you during negotiations on your lease agreement.
How Shopping for the Best Cars for Lease Can Save You Hundreds of Dollars
Taking the time to search for the best cars to lease is well worth your time. Leasing a vehicle is a long-term financial commitment, and the best car leases can only be found if you do your research. Whether you choose a monthly car lease or long-term car lease, the best car lease offers can save you some serious cash.
AdvisoryHQ (AHQ) Disclaimer: Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info. Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.