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Questions to Ask Before Leasing a Car

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Are you in thinking about buying a new car? Car buying experiences can be stressful, so you may want to look into leasing a car. Auto sales in the automotive industry can be expensive, and leasing a car is a good way to get the quality of a new vehicle you are looking for while cutting costs. But you will want to go to the car dealership prepared, so here are some questions to ask before you sign on the dotted line.

Are there any lease specials?

Some dealers will offer lease specials to build excitement for these deals. The specials may be able to give you even more discounted deals than normal.

Is sales tax included?

Usually, the large print fee does not include sales tax or fees. These fees may include something similar to a down payment when you purchase a new car, and they are put in place in order to ensure the quality of the car when you return it.

How long will I have the car for?

The contracts differ so you may have the car for two years, until you reach a certain amount of miles, or until you decide to give it back. It depends on the dealership and the your needs.

What is the car’s residual value?

A car’s residual value is how much the car will be worth at the end of the lease. This is important to understand because this number is what determines your monthly payment. In order to not be scammed by your car dealer, take that number and divide it by the length of your lease. You will then get a monthly payment, and you should not have to pay more than that, before tax.

What is the interest rate?
The interest rate will be based off of your credit.

Does the lease include an amount of miles?

This is important because leasing a car includes a specific amount of miles per year. Make sure to determine if the amount of miles works with your lifestyle, as you will not want to sign for a lease if you need to travel often. These can be negotiable, so make sure to discuss your concerns with your salesperson.

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