Introduction: Cheap Car Leasing and How to Find Cheap Lease Car Deals
While some people may search for good cars to lease as an attempt to appear financially better off than they truly are, others may find cheap car leasing to be the only way to afford a vehicle in the short term.
Leasing a Lamborghini or Bentley might be a temptation, but finding the cheapest car to lease is the real benefit of the best cheap car lease deals.
There are a number of different cheapest cars to lease out there and every dealership will likely offer cheap lease car deals as a way to entice potential clients. Unfortunately, not all cheap cars for lease are good deals.
Deciding where to lease a car and what to look for in the best cheap car lease deals will help you find the best option for you.
Image Source: Cheap Car Leasing
In this brief article, we will begin by answering two of the most common questions regarding cheap car leasing: It is better to find a car lease for cheap or purchase a car? and is it better to rent a car or do a monthly car lease? We will then go on to examine the benefits of cheap vehicle leasing and the characteristics of cheap lease cars.
We will then go on to look at where to lease a car and how to find cheap cars for lease online. Finally, we offer a quick review of some of the cheapest cars to lease on the current market.
Is It Better to Find a Car Lease for Cheap or Purchase a Car?
Obviously, most people would prefer owning a car to leasing. When you own a vehicle, you will be building up equity in the car through the payments you make.
While the equity in a vehicle isn’t nearly as stable as equity in real estate, for example, you will at least have some money saved up in your car after paying it off. With cheap car leasing, you simply won’t have anything to show for the monthly payments you put into the cheapest car to lease.
While owning a car is usually the best option, not everyone has the disposable money to put into a high down payment for a favorable car loan. Furthermore, if you have bad credit, many banks might simply not approve your car loan application.
Cheap car lease deals may be the only way to gain access to a vehicle in the short term.
Also, the cheapest cars to lease will almost always offer a much lower monthly payment plan. For people who are strapped for cash and need a car, the cheapest cars to lease may be the only way they can afford to get into a vehicle.
If you can afford to buy a car, that is usually the better option over cheap vehicle leasing. However, if your financial situation is unstable, a car lease for cheap may very well be your best (and only) option.
Is It Better to Rent a Car or Do a Monthly Car Lease?
Finding cheap lease cars is really nothing more than an extended car rental with a few extra charges thrown in. Dealerships that specialize in cheap car leasing will usually charge you some sort of dealer fee, special insurance fee, as well as an interest rate known as the money factor.
If you only need a vehicle for the short term, a monthly car lease will usually be more expensive than simply renting a car for the same amount of time. Even if the car rental company has a higher monthly rate, you might still end up paying less than with the cheapest car to lease on a monthly car lease because of these extra fees and interest charges.
The Benefits of Cheap Vehicle Leasing
When it comes to cheap vehicle leasing, there are a number of benefits for people who find themselves in situations where it might make more sense to lease than to own. One of the most obvious benefits of cheap car leasing is that your monthly payment will be much less than if you purchased the car.
“When you are purchasing a car, the loan value is based on the entire cost of the vehicle, minus your down payment and trade-in value. When leasing, however, you’re only financing the depreciation that occurs during the lease term (most commonly three years), plus fees. At the end of the lease term, you simply return the car to the dealership.”
For people who have a tendency to cause excessive wear and tear on their vehicles, the cheapest cars to lease may very well be the best option since you will end up paying less per month for that car.
You will want to search for the best cheap lease car deals that are three year leases or under so that you can take advantage of the manufacturer’s three year warrantees on new cars.
Furthermore, when looking for good cars to lease, you may benefit from a zero down payment agreement.
When purchasing a new car, you will almost always be required to make some sort of down payment. If you don’t have any expendable cash at the moment but urgently need a car, finding the cheapest car to lease may also allow you to negotiate a $0 down payment.
Characteristics of Cheap Lease Cars
When looking for the cheapest cars to lease, you need to be aware of three essential features of the best cheap car lease deals. Firstly, make sure that the dealership is offering you a fair high residual value on the cheapest car to lease that you choose.
The residual value on cheap cars for lease is a prediction of what the car will be worth at the end of the lease deal. While some dealers may try to artificially lower the residual value on the cheapest car to lease, you can call around to different dealerships to see what the offered residual value is on comparable leases.
On a three-year cheap car leasing deal, Edmunds.com advises, “Fifty percent residual value is the average, while 64 percent is about as high as the value ever gets for three-year leases.”
Furthermore, when you are looking for the cheapest cars to lease, make sure that you compare the interest rate or “money factor” on your lease deal. Cheap car leasing should offer you a competitive interest rate of around 3-4%.
If you are offered anything higher than 5% interest rate on the cheapest car to lease, you should start looking elsewhere for cheap car leasing.
Lastly, the cheapest cars to lease shouldn’t come with excessive fees. While some dealerships offering cheap car lease deals may charge a high security deposit, bank fees, dealer fees, and other hidden fees, the best cheap lease car deals may offer you good cars to lease without any sort of security deposit or other fees. At the very least, make sure you ask the dealership about all the fees associated with the cheap lease cars they are offering.
Where to Lease a Car
Chances are that almost every car dealership will offer cheap lease car deals. That’s good news: you will have plenty of options when searching for the cheapest cars to lease. The bad news is that it may be confusing when comparing so many different cheap car leasing offers.
When you are looking for the cheapest car to lease, it is important to compare the cheap car lease deals offered by several different dealerships.
While most banks no longer offer to finance car leases, you may be able to find a bank that still will finance the cheapest car to lease and give you more favorable terms than with the dealership.
Image Source: Cheap Car Leasing
Lastly, the internet can help you find the cheapest cars to lease. While not every dealership will list their cheap lease car deals online, an online search will help you compare the best deals on the market so that you can best determine where to lease a car.
Below we offer information on a few quality websites that can help you compare cheap car leasing and decide where to lease a car.
How to Find Cheap Cars for Lease and Choices for Good Cars to Lease
The internet is full of information on the cheapest cars to lease and can help you easily compare the best cheap cars for lease from various dealerships in your region.
Carlease.com is a great way to find the cheapest cars to lease in your region. Their powerful search tool allows you to search for specific makes and models of the cheapest car to lease.
You can also require unlimited quotes on the cheapest cars to lease and place your order online. Once you’ve chosen the cheapest car to lease that is best for you, carlease.com will deliver the car to your home or office.
Leasetrader.com is another quality website that will allow you to compare cheap car leasing offers. What sets this website apart from others is that instead of buying into a new car lease, you are actually taking over a lease held by another person. Many people take on car leases for a certain period of time but may want to get out of that lease before the contract ends.
The benefit of this cheap car leasing method is that you may be able to find the cheapest car to lease for different terms. If you only need to find a car lease for cheap for a few months, leasetrader.com will allow you to easily compare several offers from current lease contracts.
Cheap car leasing has never been so easy with either of these two online search tools. They will easily allow you to find the cheapest cars to lease without the hassle of going from dealership to dealership to compare offers.
Cheapest Cars to Lease and Cheap Car Lease Deals
The cheapest cars to lease may change on a monthly basis, and every dealership will have their own cheap car leasing specials. However, below we offer some current deals on the cheapest car to lease that we found online.
- Carsdirect.com offers monthly updates on the cheapest cars to lease around the country. Their cheap car lease deals are updated monthly, and they are currently offering for October a three year lease on a 2016 Toyota Corrola for $159 a month and $1,999 due at signing. This cheapest car to lease comes with a 12,000 mile limit.
- Leaseguide.com is another website with fantastic cheap car leasing specials. You can currently find a Smart Car Pure Coup at $99 for 36 months with just under $1,400 due at signing. This is one of the cheapest cars to lease on the market today.
How Finding the Cheapest Car to Lease Can Save You Money
Finding cheap car leasing offers doesn’t have to be a hassle. Instead of spending days driving around town and haggling with less than honest car salespeople, you can find the cheapest cars to lease from the comfort of your own home or office.
Knowing what you want out of cheap vehicle leasing can help direct you to where to lease a car, and the internet will help you find the best cheap car leasing offers that will save you money.
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.