Once upon a time, auto leases were considered a luxury. Today, leases are available for every person, as it's an outstanding way to get into a brand-new car at a very affordable price. Leases have flexible terms, and they allow you to drive the latest models on the market.
Still, many people are concerned about if they can lease a car, or what they need to do to sign off on a fair lease deal. Learn the steps you need to secure a leasing plan by reading our useful guide from the experts at Goss Dodge Chrysler.
What Is a Car Lease?
A lease, at its most basic level, is sort of like a long-term rental. You'll pay money to the bank that owns the car for the privilege of using it for a brief period. Usually, the time period is for three years. Plus, you're granted a set number of miles you can drive it. If you drive over those miles, you may have to pay an additional fee at the end of the lease.
What Happens at the End of a Lease?
At the end of a lease, you have a few options:
- You can turn in the car and walk away after paying any fees you have left, such as for excessive use or damage.
- You can trade up on a new lease for a new vehicle.
- If you like the car, you can buy out the lease and keep it.
How Do I Lease a Car?
To lease a car, the basic step is to stop into your local dealer and ask about current lease deal. Understanding a few important aspects, however, can ensure that you're getting a good deal. Your lease payment will be based on the sale price of a car, the residual value of the car, the mileage you're allotted, and any over-mileage charge. This also comes with a fee for cleaning and reselling when you're done along with the annual percentage rate on your payments.
Don't be afraid to shop around and get different offers to find the best deal possible. You can often get quotes by calling a dealership. Don't forget that you can negotiate lease terms just like sale terms. This is especially true-and important-in terms of your buyout payment at the end of the lease. Keep in mind, however, that dealing with a reputable company is worth its weight in gold.
Lease Deals at Goss Dodge Chrysler
If you're looking for an outstanding lease deal on a new Dodge or Chrysler vehicle in Chittenden County, from South Burlington to St. Albans and beyond, Goss Dodge Chrysler can help. Stop into our showroom today and ask about all the great deals and incentives we have to help you lease a car. You'll find out that it's easier than you ever thought. Give us a call, or stop in to get started today!