Do You Have A Good Lease?

How To Know If You're in a Good Lease

If you’re interested in leasing a vehicle but are new to the whole ordeal, there are a few ways you can know for sure if you’re in good hands. Here’s a few ways to know that you’re getting the best of the best when it comes to leasing.

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Crunch Some Numbers

Ready to do some math? You can find the best lease deals by calculating the “real” monthly cost per $10,000-worth of vehicle. If we’ve lost you already, basically what you do is factor in costs like the acquisition fee and down payment to total up all the “hidden costs” of a lease, then divide that by the MSRP, and multiply that by $10,000. If you want a more in-depth explanation, head over here - they say the best leases cost less than $125/month per $10k of vehicle.

High Residual Value

One of the best terms to keep in mind in a lease is “residual value.” This is what the vehicle will cost after the lease due to the normal effects of depreciation. Residual value factors heavily into what you’re paying on a monthly basis (you only have to cover the costs of money lost on a vehicle, not the full price), so if you have a vehicle that holds a lot of its value, you save more money in the long run.

Low Fees and Interest Rates

If your dealer is offering competitive interest rates - often referred to as the money factor or lease factor during lease negotiations - it’s a good way to go. Likewise, minimal added fees during the negotiation of the contract are a good sign. Make sure to do your research on various dealerships in the area before settling on a decision to make sure you’re getting the best possible deal.

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