9 ways to grab the best car deals
While some like the idea of buying their vehicle outright rather than paying monthly, many others like the flexibility that vehicle leasing offers. Other benefits you get from leasing range from buying a new car to lower monthly payments to access to multiple vehicle options.
But car leasing can still be expensive and stressful if you don’t get the best deal. We are here to help you avoid such frustrating situations. Here are the best ways to grab the best car rental deals without the frustrations.
1. Select a car with a high residual value
A Honda dealer brand declares that the car of your choice should retain its value. It must have a high residual value. In short, after your lease ends, the car’s remaining resale value should still be high. If you lease a vehicle, you pay the depreciation of the vehicle, plus interest, taxes and other charges.
Your car rental costs will be lower if you choose a car that retains its value or depreciates little. The Honda model is one of the best high residual value cars with low maintenance costs.
2. Select lower annual mileage conditions
You will be asked how many kilometers you plan to drive each year. It can be between 5,000 and 30,000 miles long.
You will get a better deal if you choose a lower annual mileage arrangement, as your monthly costs will be lower. This is because the vehicle will depreciate less since you will be driving fewer miles.
If you exceed the annual mileage limit, you will be charged an additional fee. Consider negotiating a lower monthly payment by reducing mileage if you know you won’t need as many miles as rental warrants.
However, if you need more miles than indicated in the lease, consider requesting the purchase of more miles beforehand.
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3. Check for special rental offers
Specials are discounts offered by manufacturers and leasing companies on a range of popular vehicles throughout the year.
If you are unsure which model to choose, special offers are worth checking out.
It’s common to find that the most sought-after trim levels are sold for a fraction of the average price, giving you more for your money.
But, such offers are typical with more extensive contract agreements and higher down payments. Also pay attention to the other conditions of the special offers such as the cancellation penalty.
It will be the best deal if it gives you over 12,000 miles with a modest upfront rental fee.
4. Compare lease payments from multiple dealerships
After choosing your car model, comparing lease offers and payments from multiple dealerships can help you find the one with the best cost-benefit ratio. For example, contact a car dealership in Brandon if you have opted for a Honda car for comparison if you are in Florida.
Alternatively, you can use online vehicle leasing comparison sites to select the dealership with the best deal. Here are the critical elements of comparison:
- Monthly payments
- Initial and end of lease costs
- Purchase option and conditions
- Early Termination Penalties
Your best offer should offer favorable terms and fees for the above items.
5. Keep your long-term lease payment low.
You can keep your long-term release payment low by securing a short-term lease.
Although an extended contract term reduces your monthly rental costs, you will end up spending more. This is because the rents cover the depreciation of the vehicle.
Therefore, longer periods mean more mileage and more loss of vehicle value. In addition, undetected and unrepaired damage may result in additional charges.
You can also save on interest charges by taking out a one-time payment lease. This can be perfect if you have no credit history or are a foreigner.
6. Estimate the total cost
Don’t forget to factor in the total cost of the car, its insurance, and any other maintenance packages you may have chosen to include in the rental decision.
Unless otherwise specified by the supplier, consider the following additional factors in your budgeting:
- Full car insurance
- Complete car maintenance
- Additional cost due to emergency travel which is excluded in mileage agreements
Failure to do so may result in late payment, affecting your credit score. Plus, the cost can go overboard as it includes late payment fees and possible repossession of your car.
Sticking to your monthly budget is another approach to ensuring you receive a good deal on your new car.
As mentioned earlier, use comparison sites to search by budget. It’s a great way to get a good deal if you’re not sure what kind of car you need.
7. Get an indefinite lease
Opt for a closed lease. If the car loses more value than the expected depreciation and disposal costs, you are not financially responsible to the finance company.
This way, you’ll avoid costly end-of-lease fees that can overwhelm your budget.
8. Make sure the car is well maintained
Like the mileage, the condition of your car (interior and exterior) is checked when you return it. A check is carried out to check the condition of the car. You will need to show documentation proving any inspections you have carried out. Otherwise, you will be charged for the repairs due.
Therefore, routine vehicle maintenance, inspection and upkeep will help reduce financial headaches at the end of the lease. Another way to avoid this is to ask your supplier to include it in the package.
9. Choose a stock car
Not to be confused with stock race cars, a stock car refers to the available rental cars that a rental car company has available.
Stock cars are processed quickly (about two weeks) with modest monthly payments. This makes it the fastest way to get behind the wheel of your brand new car at reasonable rates.
But, they come with standard features and may lack fancy elements that may wish to enhance their functionality and experience. Yet, you will save a substantial amount in monthly rental costs.
Car leasing helps you get the new car you want with less upfront costs. You can get the best car rental deal by choosing a high residual car model with a short term deal.
You can control your costs further by sticking to a fixed-term lease and making sure the car is well maintained.