5 Common Leasing Mistakes to Avoid in Dallas

November 25th, 2015 by

Driving around Dallas can take a toll on your vehicle. With all the hours you spend on the roads or stuck in traffic on Interstate 30 and 45, it’s easy to get bored with the one you have. Buying means you’re either stuck with the same model for several years until you pay it off, or you have car payments that are too high.Leasing sounds like a better option. Before you rush out to a dealership, make sure you know the common mistakes many lessees make so you can avoid them.Price NegotiationsImage via Flickr by free pictures of moneyMany people think leasing is different from buying a car, and they don’t negotiate the price or any other terms. In auto sales, even leasing, you can negotiate almost anything. Negotiating the price of the vehicle will lower your monthly payments. Upfront costs can also be negotiated so that you put less down for the lease. It will increase your monthly payments, but if you get the overall price down, you might not feel the difference.Gap InsuranceIf your leased car is stolen or totaled, insurance will take care of paying the leasing company, but only for the current value of the vehicle. This means, depending on how long you’ve had the car and your leasing agreement, you’ll be responsible for the difference. With gap insurance, you don’t have to worry because your policy will cover the difference. Many leasing companies include gap insurance in their agreements, but not all. Ask about it before you sign, and find out if it can be included or buy a policy yourself.Falling In LoveThis may sound difficult, but try not to fall in love with a model and lease it because you like it, and never skip a test drive. Loving a certain model on paper is different from loving the way it handles on the road. Do your research before you go, have a list of two or three models you might like, and always drive the car around the block. If it doesn’t drive well, walk away and look at something else.Accurate MileageThe advertised lease price comes with mileage minimums, usually 12,000 or 15,000 miles per year. Go over that, and when you turn in your vehicle, you’ll have to pay for the mileage overage, which could be up to 25 cents per mile. Try to calculate your mileage as accurately as possible, and then pad that number some more. Negotiate for higher mileage limits for your lease, which will increase your monthly payment but also saves you from surprises later.Car MaintenanceLeasing companies allow you to turn in your car with “normal wear and tear” with no extra penalties, but every company defines it differently. Keep your vehicle properly maintained and get any issues fixed before you turn it in. If not, you’ll be charged for the repairs made, and it will likely be at full market value — higher than you would pay to have it done yourself.Whether you are in the heart of Dallas or over in the suburbs, you can find a great vehicle to lease that fits your lifestyle and your budget. You simply have to know what mistakes to avoid so the process is as smooth and painless as possible.
Source: Hiley Blog

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