3 Important Mistakes to Avoid When Leasing a Vehicle
Leasing is always considered to be a less expensive and convenient way of getting a car. However, regardless of the convenience and ease, there are certain errors that you can commit while leasing that can cost you way more than what you should be paying. So, here are the mistakes to avoid when leasing a vehicle.
Paying extra money upfront
You will often come across car dealers trying to lure you with their attractive monthly payments on leasing new vehicles. However, they might also ask you to pay some money upfront which can be thousands of dollars to avail of the lucrative monthly installments. This upfront payment includes some part of the advance payment towards the lease. In case there is some damage to the car in the first few months of the lease, or if it gets stolen, the leasing company will get reimbursed by the insurance provider. However, in most likely scenarios, you will not be refunded the money that you had paid upfront. Therefore, it is recommended that the upfront cost should not be more than $2,000.
Not knowing your mileage
This is one of the most important mistakes to avoid when leasing a vehicle. When you get a lease, the miles driven by the client will be pre-decided. Usually, dealers give anything between 10,000 to 12,000 miles. If that fits your requirement, nothing better. But if it does not, you must clarify that beforehand. You must know how many miles you drive in a year. If you sign a lease for 10,000 miles and your requirement is for 15,000 miles a year, the dealer can charge you anything up to $0.30 per mile and that will significantly increase the cost of your lease.
Not taking care of the vehicle
In case you have not taken care of the car and the damages are more than the usual wear-and-tear, your dealer can charge you an additional fee when you return the car. If there has been a scratch on the car, which is too small to be noticed, the dealer might consider it as the normal wear-and-tear and not charge you anything. However, if the leasing company treats it as severe damage, you might have to pay some extra charges. The dealer will not decide whether the damage is severe or not. At the time of returning the car, a thorough inspection will be done. The inspector will check for dents, scrapes, or any other damages on the body and the wheels of the car. Excessively worn-out tires, any damage to the windows or the windshield, or any staining in the interiors can invite additional charges. It is better not to assume that the inspection will be done leniently and it is recommended to take good care of the vehicle.