The Art of Leasing Part One: 3 Common Mistakes You Should Avoid

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Once you have a basic understanding of what leasing is, you are ready to figure out what vehicle you want. Following are 3 things that you will want to avoid when considering a lease.

1. Letting your eyes become bigger than your wallet

Be sure that you are looking at vehicles that are in your price range and fit your lifestyle. Many times I see people who are looking for a $20,000 vehicle end up leasing a $30,000 vehicle because the lease payment fits into their budget. A lease should be considered an alternative way of acquiring the vehicle you want, not a way to drive a vehicle that you normally could not afford. Determine the vehicle that you want and then look at the financing options and the lease options.

2. Not leasing within your warranty term

The second mistake that you want to avoid is extending the term of the lease very far beyond the warranty term. One of the benefits of leasing is that if something breaks on the vehicle, you don’t have to worry about it. If you lease a vehicle for 48 or 60 months, it is usually outside of the bumper-to-bumper warranty and any repairs will be yours to pay. There is nothing worse than paying for a large repair on a vehicle only to turn it back in to the bank at the end of the lease. Don’t peruse long-term leases no matter how tempting the payment is.

3. Mileage. Mileage. Mileage.

The last mistake that most people make is mileage. Be realistic about the mileage that you drive. The payment is always lower if you choose a low-mileage lease, but if you typically drive more miles you will have to pay at the end. Most leasing companies give you a break on the price of mileage if you buy it up front, and some companies such as Ford Credit will even reimburse you if you don’t drive all of the mileage. Be honest with yourself about the miles that you drive. You will be much happier in the long run.

Leasing can be a fun way to drive new cars frequently. Avoiding these 3 common mistakes will assure you trouble-free leasing for many years.

Learn more

If you want to learn more about leasing and/or buying feel free to contact me directly by phone toll-free (855) 367-9095, or by email abuck@lebanon-ford.com.

About Andy Buck

Andy Buck is a Sales & Leasing Consultant at Lebanon Ford. He lives by the GOLDen rule and believes in helping others with any and all of their automotive concerns. He's been in the car business for 19 years and is a graduate of the College of Business Administration from The University of Cincinnati. You can learn more about Andy at myandybuck.com OR contact him directly at andybuck@lebanon-ford.com