A great deal of financial advice will generally dissuade you from leasing a car. They will tell you that leasing a car is a bad idea. However, that does not mean that it may never make sense for you. What you will need is some tips for negotiating the best deal on a car lease.
Sometimes, you don’t want to worry about car repair and maintenance costs or even the hassle of selling a used car later on. In these cases, leasing may not be a bad move. Or perhaps, you just want to drive a new car every few years.
Here are 9 tips on negotiating the best deal on a car lease like a pro:
1. Bring some backup
You may feel like you are on top of things or confident in your negotiating skills. However, it is always a very good idea to bring along someone that will help keep you on track. This may be a colleague, spouse, friend, or any other family member that can point out any pitfalls that escape your eyes.
Bring along someone who looks intimidating even if they are not going to say anything. This person will help to keep you from coloring outside the lines and also keep you from falling for any sweet talk.
2. Take out your phone
There are enough apps that can give you real-time assistance on negotiating the best deal on a car lease. Examples include TrueCar, which shows you what customers have paid for the same cars at different dealerships. The Cars.com app lets you find new and used cars for sale or lease near you.
These apps will arm you with the necessary information for negotiating the best deal on a car lease. But more than that, they will also send a strong message that no one can take you for a ride.
3. Check the manufacturing dates
The chances are that you have been overlooking this little bit of information as you browse the dealerships for cars. Don’t forget to check out the manufacturer’s sticker. The manufacturing date could give you leverage when negotiating the best deal on a car lease.
The date and month will tell you when the car rolled off the production line and therefore, how long the car has been sitting in the parking lot. If the manufacturing date is further back the dealer has more pressure to get rid of the car. This can be good leverage and might place the trump card in your hands during the negotiations.
4. Check out the dealership inventory
If your ideal car model is sitting out on the parking lot and taking up a sizable space, you have the upper hand in the negotiations. You will basically be offering to take the car off their hands.
On the other hand, if the sales guy has to get you a car from another location, they can have some leverage during the negotiations. They will essentially be implying that “I am going out of my way to get you a car.” Therefore, remember to check up the inventory before your visit to the dealership to kick-start the negotiations.
5. Get quotes ahead of your visit
Contact the dealership’s sales department before visiting and get an official quote before you visit. That way, no salesperson can lowball you when you already have a quote in your hands.
6. Know exactly what you want
Don’t show up at the dealership without any car in mind. You will easily be pushed into a car that you don’t really need or like. Knowing your stuff prevents you from getting pushed around. It sets a solid impression that you are on top of things and that will go a long way when negotiating the beast deal on a car lease.
7. Know your numbers
There’s more to a lease than just the model and price of the car. Sit yourself down well ahead of time and determine how much you are able and willing to spend. Other important elements include the total cost of the car, the down payment, the mileage limit, and the buyout or purchase options.
8. Don’t go on a bad day
As the saying goes “never shop on an empty stomach,” so should you go about negotiating the best deal on a car lease. Don’t visit the dealership when you are feeling a little off the game. You’ll be too vulnerable and easier to push into a bad deal.
Go when you have had some proper rest and are upbeat about the whole thing. You’ll be more clear-headed and in good shape to handle the stress of negotiations.
9.Be ready to walk away
Don’t be afraid to walk. If you don’t seem to be making any headway with the salesperson, be bold enough to pull the plug on the negotiations. You can always find another dealer that may give you a better deal.
Have you recently negotiated a great deal on a car lease? Share with us some of your tips and tricks in the comments.