Okay, so recently, I got into a bit of an accident. Not my fault, yet somehow, I’m still getting the screw here, and it looks like the insurrance agency wants to total my car, so I’m going to be looking around for a new one. My question is: what do I do in terms of leasing a car? When I got my car, I was 19 and my father was there to help me out. Now, I’m on my own, and I have no real clue because I’ve never done this before. Is it as simple as just sitting down and talking to the dealer and working something out, or is there a lot of little things I should look out for so as not to get screwed? And where does interraction with a bank come into the whole thing? Thanks.
visit www.edmunds.com
A great site about cars/prices and a good explanation of the facts about leasing, buying, the comparo, and the do’s and don’ts of both. Tons of info on the subjects and related info about invoices, what you should expect to pay, etc, etc. Rebates, hidden costs, lease types, options…
Just a sample: ‘Don’t tell the dealer you want to lease until you haggled the sticker price to where it should be.’ Again, just a sample.
precisely http://www.edmunds.com/finance/leasing/articles/48959/article.html
But look over the rest of the site, too. Tons of info when you do start from the homepage.
I have bought numerous cars in the past… both new and used… but I have never leased a car.
In my experience, a good car salesperson will take advantage of your lack of experience and you may not get the deal you want. I would do the investigation suggested but ALSO bring along a friend, preferably older, to help you from making a mistake that you might regret later.
Once you have done it a few times you won’t need to bring anyone along, but don’t run the risk of being taken advantage of simply because you haven’t done this alone before.
Take someone along you trust and who has leased cars before… this isn’t a game.
Visit this site: http://www.carbuyingtips.com, and take the time to read all of the sections. It starts with the basics (what kind of car should I be looking for, should I buy or lease, etc., etc.), and then gets into the nitty-gritty about how to get the best deal, how to avoid letting the dealer rip you off, how to handle financing, and so on.
Last time I bought a new car, a few months ago, I used the car-quote services that site talks about, and ended up saving a few grand on the price of the car. And I was in and out of the dealership in under an hour, no muss, no fuss.
This website should be required reading for every car purchaser.
BTW, I’m sure someone will come in here and violently disagree with me, but leasing instead of buying is usually a financial loser, unless you’re the type who wants to drive a shiny new car every two or three years, and doesn’t care about pouring out cash forever (when you buy a car, the payments end after a few years, and you own it - when you lease, your payments stop at the end of the lease, but you have to give them the car back - if you’re going to buy the car at the end of the lease, why not just buy it at the outset?).
Well, you didn’t buy it in the first place because you didn’t have that much money available. But yes, it is a financial loser, as is any kind of loan (which is really all it is).
Beware the salesman who knows you want to lease and gives all car prices in terms of $$$/month. You want to know $$$ total so you can compare it to getting a bank loan or something. In general it will be cheaper to get a bank loan and even cheaper to mortgauge your house if you have one.