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Click below for FAQ, calculators, glossaries & Free quotes!
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Car Buying Tips |
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If you choose to lease your new car and you know that you are not planning to buy it at then end of the term, then be prepared to TRADE IT IN EARLY (at least 6 months). The residual value of the car will be more than its actual resale value at the end of the term. The dealership will not be willing to take the car on trade and will instead turn it in to the Leasor. This means you will pay for the extra mileage and wear-and-tear. However, if you trade in early, your car will be (hopefully) worth more than the residual and the dealer will take the car as trade in. This way, you will not pay the extra mileage and wear-and-tear. We learned this the very hard way and our current dealer recommends trading up your leased vehicle at least 3-6 months prior to the end of the lease You can buy a car with cash if you have that kind of money and you want to save yourself a headache and get a much better deal. And you WILL get a headache when you are buying a car, there is no way to get out of this one. Get everything in writing: purchase agreement, price, options, trade-in value, finance terms, promises made by seller, warranty terms. A new car can depreciate up to 35% the moment you drive it off the lot. Do not finance for so long that you pay more then the car will be worth when you are done paying it off. When you go to the dealer try not to let them run your credit more then once, and if you go to a a different dealer do not let them run it again. It might damage your credit history. Remember that they are not allowed to run it without your permission, and if they do, you can always do something about it (getting a good deal on the car for example). |
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