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Car Lease Agreement

7 Tips to Make Your Car Lease Agreement Work Better for You

by DrPrem Jagyasi

If you’ve thought about the possibilities and decided that leasing your next car is right for you, your next step is to find out how to get the best deal possible. Some consumers don’t realize that leasing is just as flexible as buying in most situations. Here are seven ways to help make your car lease agreement work in your favour.

  1. Negotiate the Cost

Negotiate the Cost

The first step in getting a great lease agreement is to start negotiating. Just like purchasing a brand new car, you can put yourself in a better financial position if you ask for a better price. Once you feel comfortable with the cost of your lease, start negotiating some of the other terms, such as mileage and maintenance. This way, you’ll be able to make your agreement work for your lifestyle.

  1. Read the Terms

Next, make sure you carefully read over the contract before you sign your lease. Unlike buying a car, you’ll eventually have to give your leased vehicle back to the dealer, and there are typically restrictions on the number of miles and the wear and tear of the vehicle. If you end up loving the car, there may also be an option in your contract to purchase. It’s important to review the potential purchase deal and make sure it’s favorable to your finances.

  1. Add Gap Insurance

Car Lease Agreement

Once you’re ready to begin your lease, you’ve got to adjust your car insurance coverage to fit your new vehicle’s needs. In most insurance coverage agreements, it’s necessary to have full coverage on a vehicle that is being financed or leased. An option that some consumers choose is to add extra coverage called gap insurance. This can be helpful if your car gets totalled in an accident or some other mishap. With gap insurance, your insurer will pay the entire cost of the car, including the amount of money you still owe on your lease or financing agreement.

  1. Choose a High-Value Car

Leasing makes the most sense when you have a car under contract that will retain a high value once the lease is over in two or three years. Cars that are traditionally more expensive to purchase outright may be the best option for a lease. In these situations, you can get much more car for the money and walk away once the lease is over without losing cash. It’s best to review some of the deals available at dealerships, such as WorldWide Automobile, if you want to take advantage of some of the top high-end car deals.

  1. Review the Warranty Limits

With a lease, you typically get a brand new vehicle. Car manufacturers will offer a full warranty on brand new vehicles for an average of five years or 50,000 miles. Once you’ve chosen the vehicle you want to lease, make sure you understand the details of the included warranty from the manufacturer. Not everything will be covered, so you need to read over the limits to see what the true cost of driving the vehicle will be.

  1. Watch Your Mileage

Mileage

Leasing a vehicle means you’ll have to be careful to monitor your vehicle’s mileage. In most leasing contracts, there is a mileage limit per year, and going over the limit can be costly. If your driving habits don’t match up to the contract’s limits, you may need to renegotiate for more mileage. Make sure you stake out the best car lease specials in your area to find the one that works for you so you won’t have to curb your driving once you get close to the mileage limit.

  1. Maintain the Vehicle

The last important thing to do with a leased vehicle is to commit to the maintenance schedule. Keeping up with the regularly scheduled maintenance can help lower your cost over time. You’ll need to get your oil changed regularly, get your fluids checked, monitor your tires, and more to keep the terms of your leasing contract and avoid costly penalties.

Signing a car lease can be a great way to help you save money over a short period of time while driving a high-quality vehicle. Make sure you understand what your contract includes and pay careful attention to your leased car so you don’t have to pay more than you should for your new ride.

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