Can car lease deals be negotiated?
Leasing a car can be an exciting time in any driver’s life. Once all the paperwork has been signed, you can drive away in a new car you’ll love, with added benefits from your leasing contract.
Before you drive off into the sunset, you’ll want to get the best deal out of your lease agreement. Did you know that you can negotiate your car lease agreement too? Just like when purchasing a car, you have some negotiating power to help determine your payments and repayment schedule.
To get the best car lease deal, you’ll need to come prepared. Here are a few factors to consider that can help you negotiate your deal.
What Can You Negotiate in Your Car Lease Terms?
1. The Interest Rate
Your interest rate is often negotiable. This will help to ensure that your monthly payments are reasonable for your lifestyle and budget. Having a great credit score certainly helps during this process, but even if you don’t have excellent credit, you can use your power of selection to choose a bank deal that fits your needs.
2. Mileage Cap
In car lease deals, a mileage cap will often be applied to your contract. This means that you’ll only be allotted a certain number of miles on the car for the duration of your car lease period and going over that total can be extremely expensive. You can help determine your needs by calculating your daily mileage. If, for instance, your daily work commute is long, you can negotiate mileage terms to help create a buffer for extra miles you might need.
3. Possible Buyout Price For The Future
If you would like to purchase the car at the end of your lease agreement, don’t wait until the end to start negotiating. In the few months before the end is the perfect opportunity to ask about eventually turning your car lease into a car purchase. Although that likely won’t affect your lease agreement, you’ll gain the knowledge that will better help you make a future decision.
What Can’t You Negotiate in a Car Lease Deal?
1. The Registration and Taxes
These can’t be negotiated due to the fact that they are typically set by the government. Your individual lease agreement doesn’t affect the registration and taxes and, in most cases, you’ll have to pay these before you’re handed the car keys.
2. The Residual Value of The Car
These are not set by the car leasing company. The residual value is calculated by the auto community using their experience and your leasing company will take this into consideration when drawing up your agreement.
3. The Acquisition Fee
The acquisition fee is also another aspect that can’t be negotiated in most cases. The option you may have here is to ask for this fee to be wrapped into your monthly instalment payments, as opposed to paying it upfront.
Shop Around For a Good Car Lease Deal Near You
Do your research to ensure you get the best car deal for your budget. At My Mojo Lease Auto, we’re always here to help you find the right car lease for you. Call us at 0333-444-0346 to learn more and start the process.