Many drivers are aware of how car leases work, but they don’t know that by using just a few tips, they can end up saving a lot of money. Here are four leasing strategies you may not have realized existed:
Extend Your Lease Month-to-Month
Just because your lease is about to expire, it doesn’t mean that you’ll have to decide whether to buy the car immediately or whether you should find a new one. Many dealerships will let you extend the lease on a month-to-month basis if you’re still unsure if you want to keep the car or not. This gives you extra time to do further research on vehicles currently on the market and to decide if you want to purchase the car you’re leasing.
- Sign a Single-Payment Lease
If you have an influx of cash and prefer to lease instead of finance, you should inquire about signing a single-payment lease. A single-payment lease, also known as a single-pay or pre-pay lease, is similar to a standard lease, the only difference is that instead of having monthly payments, the entire amount is paid at the beginning of the lease. This will help you avoid the burden of having to pay a set amount each month you’ll also probably get a lower interest rate.
- Gap Insurance
According to the Insurance Information Institute, gap insurance is “the difference between what a vehicle is currently worth and the amount you actually owe on it.” In the event that you get into an accident, gap insurance would cover you for this difference between market value and the amount you own on the vehicle. It’s a good idea to get gap insurance when leasing since you generally pay less on a monthly basis and you could otherwise end up owning thousands of dollars if your car is totaled early in the lease.
- Make a Bigger Down Payment
When leasing, you’re paying the difference between the price of the vehicle and the value at the end of the contract, making a bigger down payment is the way to go. For example, if you’re considering buying a vehicle worth $25,000 and make a down payment of $2,500, you’re paying 10% of what you owe if you finance. However, if the residual value of the car is $12,500, paying that same amount for the down payment, means that you’ve paid 20% of what you owe, which could mean a lower monthly rate.
If you’re thinking of leasing a car, call 305-290-1915 or visit our website to learn more about what models we have available for lease and to check out our leasing specials.
Buying
When thinking about buying a car, you also need to consider where you want to buy your car. Your options include buying from a private seller, online, or from a dealership. Buying from a private seller or online has its advantages, however, here are 5 reasons why buying a dealership is your best option:
- More Than Just a Sale
Dealers not only want to sell you a car, they also want to earn your business. They often offer other businesses as well, such as services, maintenance, and inspections. Forming a relationship with a dealer is important because it allows you to get service from someone who knows you and your vehicle.
- More Options
Buying a car from dealership gives options that buying from a private seller doesn’t, such as more car models to choose from. Buying from a dealer allows to test drive and check other vehicles you might not even have thought of purchasing, truly allowing you to buy the car that best fits your needs.
- Reputation
With a quick Google search, you can read all the reviews and services your chosen dealership has to offer. By buying from a well-rated dealership, such as Bill Seidle’s Nissan, you know that the services you get from that dealership will truly be the best with the most excellent customer service.
- Financing Benefits
When buying from a dealership, you’ll receive several financing options, unlike when buying from a private seller. Another benefit is that some lending companies won’t finance a car from a private seller due to not trusting the seller to accurately value their car, and if they do, chances are that the interest rates will be much higher than when buying from a dealership.
- Assistance
If you have any issues with your car after buying it, you can trust the dealership to help you solve the problem, which is not something that usually happens after a private sale.
When choosing a dealership, choose Bill Seidle’s Nissan. We have the best service and a wide array of Nissan models to choose from. For more information, call 305-290-1915.
Trading
Whether you want to buy a new or used car, you’ll need to do something with the old one. You’ll either end up trading it in or selling it yourself.
Reasons to Trade Your Car
- You don’t want the inconvenience of selling your car. If you trade it, you won’t need to run an ad on Craigslist or other websites that contain private listings and meet with buyers.
- You don’t want to give out your contact information to strangers.
- Trading in your car can help reduce the money needed and lower your overall payment.
- The dealer is experienced at buying, selling, and completing all the paperwork needed by your state and local jurisdictions.
Reasons to Sell it Yourself
- You know and enjoy the process of selling cars and feel comfortable dealing with the paperwork.
When making the decision to either trade in your vehicle or sell it on your own, weigh your pros and cons of each. Do some research and think objectively about the value of your car. Whichever you decide, Bill Seidle’s Nissan is there for you!
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