Yahoo Finance How to Lease a Car for Less
If you're in the market to lease a brand new car, you're probably dreading the day-long negotiations, the feeling of uncertainty and dealing with smooth-talking salespeople. For the last month, my husband and I have been experiencing all of those stressful scenarios. With my husband's current lease ending in five months, we wanted to shop for prices earlier rather than later. Last time, we made the mistake of waiting until the lease was over and then felt rushed into deciding on a new car. Since my husband knew which specific car model he wanted, our focus was entirely on price.
To make sure you're comfortable with the price you end up paying for your leased car, try these five steps that worked for us:
Timing. You often hear people talking about the best time of year to get a car. The truth is that you can get an amazing deal all throughout the year with a few tips. If you're currently in a lease situation, make sure you start looking for a car soon because you will have more insight into pricing and won't feel rushed. If you walk into the dealership a few days before the end of the month, the salespeople and manager will be more flexible in giving you a great deal to meet their monthly goals. For example, we were offered $369 plus tax at the beginning of the month but got $349 plus tax at the end of the month for the exact same car.
Shop around. Sounds like a given, right? You'd be surprised how many people walk into a dealership and get so wrapped around those dealers' fingers that they end up walking out with a new car at the first place they go to. Try to follow the three dealership rule. Make sure you go to at least three dealerships and work out the pricing so that you can compare. Being a good consumer is all about researching and comparing prices. Why pay more if you don't have too?
Scan your offers. Make sure you walk into a dealership with a fully-charged phone. Almost all dealers will come to you with a price sheet which outlines the price and your monthly payments, including taxes, along with the model and make of car. When you get some alone time, take a picture of it or use a scanning app on your phone to capture it. This can be your biggest bargaining tool when you go to other dealerships because once they see the numbers they will try to beat it.
Walk out. If you're not happy with the deal the dealership offers you, don't waste your time. Just stand up and walk out. When the dealership knows that you are not happy with the deal, they will either try to get the manager for a final attempt or a, "Sorry, we couldn't help you" exchange. Once you make the decision to walk out, be prepared for multiple follow-ups by the dealership. Since they know you already want the car, it's an easier sell to work with you on your pricing rather trying to convince Joe-Shmoe who's just shopping around with five different makes in mind. They will try to negotiate via phone and email to get you the best price possible.
Try smaller leasing companies. After taking steps one though four, if you still don't have the right price for the car of your dreams, give a smaller leasing company a try. They're not a dealership. They work for you. They will do the haggling for you, kind of like real estate agents for the automotive industry. You tell them the make and model and price you would like to get for the car and off they go. Once they have a good price, they will come back to you and you just have to say "yes" or "no!"
Following these tips will help ensure you take out a lease that you feel good about, and that you're driving a car that you love.
Susan Yoo-Lee is the editor of Savings.com personal finance blog and founder of Mommas in the House blog.
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