1. Choose the Right Lease Term
Lease terms typically range from 24 to 60 months. A longer lease will mean lower monthly payments, but you'll be locked into the lease for a longer period. A shorter term gives you more flexibility to upgrade sooner. Consider your budget and how long you want to drive the vehicle when selecting a lease term.
2. Understand Mileage Limits and Fees
Lease agreements specify the number of miles you can drive per year, usually 10,000-15,000. If you exceed this allotment, you'll have to pay an excess mileage fee per mile at the end of the lease. Consider your typical driving habits to avoid costly overage charges. Also, be aware of wear and tear fees for any damage beyond normal use.
3. Research the Vehicle's Residual Value
A car's residual value is its estimated worth at the end of the lease term. Vehicles with higher residual values often have lower lease payments. Makes and models that hold their value better over time can be more affordable to lease. Compare residual value percentages when shopping around.
Contact Us to Learn More
Categories:
Finance
