Leasing A Car? Here Are A Few Pitfalls To Avoid

It is that time again; your car, the rusting, metal machine you have had since high school, is ready to throw in the towel. You were not the first to cherish it, but rather the third, like any average car, it is expected to have three owners. While you lay it rest, you are reminded that this is not a time to be sad; it is a time of joy. It is time for a new car. Maybe you do not have the whole amount to drop on a brand new car but you can always look for lease deals on new and used cars.

But what to get? If you are a fan of Chevy, it should be noted that the Silverado, Equinox and Malibu were Chevy’s top selling auto vehicles as of December 2017, with each selling at 67,676, 32,784 and 16,628 units, respectively. During the same month and year, you can expect to drop about $34,000 on average on a new Chevy vehicle, that is, if you have the money to buy outright.

So you do not have money falling out of your pockets and leasing a vehicle is sounding like a pretty good idea. When it comes to used cars, looking at its history can make or break your decision. This is because of the nature of private-parties and dealership sales exchange used cars all year and as many as 40 million used cars can switch hands at any time. In other words, this leaves room for error.

When it comes to leasing, many dealerships can entice you with low monthly payments on a new vehicle. However, this oftentimes comes with a big down payment. While it may sound nice at first, if your vehicle is stolen months after you lease it, then what? You are not given a new vehicle, no, and it is very unlikely that you will get a refund. Stick to the rule of thumb: no more than $2,000. In fact, if you can easily make the monthly payments expected without a down payment, it could be the better avenue.

Like any deal made that involves a contract, looking at the fine print can save you a lot of headaches and more importantly, your wallet. Be aware that leasing companies can enact a mileage limit, an amount you can drive before you start paying extra on your lease for every set amount that you drive over. And of course, it goes without saying, you should always maintain the car as well. You can oftentimes be penalized for scratches and nicks. If you are looking for on-site financing, you can usually find them within the dealerships that are tethered anywhere from five to 10 different banks that allow for competitive rates. Do what is best for you and your budget and always read the fine print!