Negotiating Favorable Terms on Your Car Lease

Car Lease Terms

Let’s face it: car leasing versus buying seems is a hot topic of conversation. Whether you lean toward leasing or full ownership, there are pros and cons to each side. Whether you choose to mitigate your financial responsibility of repairs or you just enjoy driving something shiny and new every few years, we’ve got some tips for you to negotiate your lease terms into a favorable agreement–one you can be sure is protected with a comprehensive Windham County Auto Insurance policy.

Crunch the numbers.

The Penny Hoarder advises you to remember that a lease is made up of more components than just the price of the car. Make sure you sit down ahead of time and figure out how much you’re able (and willing) to spend on:

  • The down payment
  • The total cost of the car (known as the “cap cost”)
  • The mileage limit (i.e. how many miles your lease allows you to drive per month before the lease company charges excess-mileage fees)
  • The buyout or purchase-option price (i.e. what you must pay at the end of the lease if you choose to purchase the car).

If you have an owned or leased the car you plan on trading in to sweeten the deal, research the numbers to find out how this could make your leasing terms even more favorable.

Research reputable dealers.

Similar to the way you’d research restaurants or bars, do the same when it comes to finding reputable car dealers. If you don’t like the way they work, or the salespeople are too aggressive, you might want to choose another location. Research reviews on sites such as Edmunds and go in without an agenda the first time to get a feel for the sales team.

Come prepared.

Contrary to popular belief, it’s best not to go into a dealership saying you want one particular car, because that will give them the impression you’re willing to pay whatever price to get it. Instead, do your research ahead of time (especially on market value prices), and give them the options you’re not flexible about going without.

Showing up knowing your stuff keeps you from getting pushed into more car than you need — and it also sets a solid first impression that you’re on top of things and not likely to be easily persuaded, says the article.

Bring backup.

This is not to say you’re inadequate when it comes to negotiating, but it always helps to bring backup just in case. If nothing more, the salesperson is outnumbered and will want to seal the deal rather than try to play games.

 

About Byrnes Agency

At Byrnes Agency, we offer auto insurance solutions that can be tailored to meet your specific needs. Whether you have an old classic car or a brand-new model, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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