How to Negotiate a Car Lease

Before you can enter into the negotiation process for a lease, you should know what a lease is and why it is a method you should choose.

A lease is a short-term agreement that allows you to drive the new car you want off of our lot. Most leases last two or three years in length. During the lease, the dealership retains ownership of the vehicle, which can lead to lower monthly payments for you.

You also have options when your lease expires. You can choose to purchase the vehicle at that time or return it to the dealership to take out a new lease on a new model.

Now that you know more about what a lease is, how can you negotiate a car lease to get the right value for you? Here are some tips:

• Understand the Structure of a Lease – Having knowledge of what a lease is and the language within most lease agreements can help you be prepared for taking the next steps and maximizing your value.
• Know What You Can Negotiate – There are certain aspects of a lease that you can negotiate, and others that are firm within your agreement. For example, you can negotiate the terms of your lease, such as length, mileage cap, and monthly payment, but the residual value of the car you choose is usually set by the manufacturer.
• Consider More Than Monthly Payment – A lease can be attractive to drivers because of lower monthly payments. However, there are also other factors to consider when signing a lease, including any down payments and fees that need to be applied to take out the lease and the amount of interest you are asked to pay. Looking beyond the monthly payment amount and understanding the full scope of your lease can help you negotiate the terms properly. 
• Explore Your Options – When you choose a lease, there are many options available to you, including the selection of vehicles and various terms that can allow you to construct the right lease structure for you. To make the most of the experience, explore these options and see if there are any leasing specials or offers that you can take advantage of.

These tips can help you have the leasing experience that you deserve and provide you with quality value.