When you are planning on leasing a car, there are several options of dealerships to choose for the purpose of getting the best deals. However, with the several benefit provided by car leases, you do not want to make some of the commonest mistakes that can rob you of the benefits talked about and enjoyed by others.
With car leasing being rated as one of the best ways to enjoy premium quality vehicles for a lesser monthly payment, you do not want to have the sweet deal turn into a nightmare.
Below are some of the common mistakes you should know and avoid.
Not comparing like-for-like quotes
One of the biggest car leasing mistakes people make is not compare quotes like for like to get the best deals. If you have approached a dealership to learn more about their lease offers, be sure to obtain quotes from the company. As part of making a valuable decision, it is recommended also that you approach more than one dealership company. Be sure to request for the same car across board and compare the quotes which have been provided to you. This allows you choose the best deals from the dealership companies.
Also, be sure to demand comprehensive quotes from the dealership as failure to do so may attract hidden fees later on. The main items on the quotes which have been provided to you should include the initial rental required, road tax for the duration of the contract (if needed), annual mileage allowance, additional options which may be requested and fees attracted, option of car leasing maintenance, administration fee and VAT.
Not using a car leasing broker
Another common mistake most people make, especially first time car leasers is the lack of appropriate information and deals that could save them a lot of money. Using a car lease broker can open you up to a wide range of advantages. The car lease broker works similar to an insurance broker or a mortgage broker. Their job is to review a wide range of packages from several companies and present customers with the best options which suits their needs and financial status. Using a car lease broker can help you get the best deals for your needs, however, be sure to be on the lookout for a broker who is independent, that is, one that is not affiliated to any dealership or financing company. Choosing an independent broker allows you better access to a wide range of options.
Not selecting the right annual mileage allowance
The annual mileage allowance dictates how far you can go with the car in the period of a year, or relatively, over the course of the deal. Choosing the right mileage allowance can allow you the flexibility to travel at will without having to bother about mileage and end of contract payment for exceeding the allocated mileage.
Ensure that you negotiate the right mileage allowance or pay for added mileage at the start of the contract to save you from end of lease payments.
Not adding full maintenance to your lease contract
Car maintenance is one of the most essential needs for the smooth running and functionality of the car. While car maintenance can be expensive, you can save money on repairs by choosing the optional car maintenance package offered as part of the car lease contract. Choosing a car maintenance package as part of the lease agreement affords you the peace of mind needed to drive your car without worry for additional cost in repairs.
Not reading the small prints
Your car leasing contract is legally binding and as such should not be glossed over but carefully and thoroughly read. The car leasing agreement contains the vehicle order form which you should read carefully before signing as failure to do so may lead to regrets later.
Lack of attention to the details of the contract may lead you into finding out much later that the first year’s road tax is provided, but you will be charged for subsequent years till the contract expires.
Not looking after your lease car
Another common mistake you should avoid making is failure to adequately maintain your leased car. Be sure that the car is in good condition, both mechanically and cosmetically, at all times. In the event you fail to achieve this till the end of your leases, you may be faced with hefty fines from the dealership or finance company. It is recommended that two to three months to the end of your lease, you should perform thorough inspection of the vehicle to ensure that all the needed fixes are started on and completed before the contract expires.
