For many people, leasing a car makes more sense than buying a car. There are a variety of reasons why, including driving your vehicle during its best years, being able to drive a better vehicle, and not worrying about selling when you want a new car. However, it’s easy to make mistakes when leasing a vehicle, and Crossroads Ford wants to help you avoid those mistakes. In today’s blog, Crossroads Ford examines five mistakes to avoid when leasing a car.
Paying Too Much Up Front
It isn’t uncommon to see deals from car dealerships offering low monthly payments on leases for new vehicles. However, those deals often come with a significant upfront payment. While this seems to make sense in the short term, it puts you at risk if your car is wrecked or damaged in the first few months of the lease. Insurance will reimburse the leasing company for the damage to the vehicle if it’s totaled, but you are still on the hook for the money you paid in advance.
Failing to Look at the Total Lease Cost
Everybody wants a low monthly payment on their lease, but some people fail to look at the total price of the lease. Knowing the total cost of the lease allows you to look at other offers. You can even negotiate with the leasing company you are working with. This is arguably the biggest mistake that you can make when leasing a car because it impacts both your up-front costs and your monthly costs.
Not Doing the Necessary Research
Since you aren’t actually buying a vehicle, some people might not think it’s necessary to put in extensive research. Since you won’t need to sell the car at the end of the lease, drivers might not be concerned with what they perceive as small details about the car. However, not doing proper research can lead you to lease a vehicle that isn’t the best for your situation.
Leasing a Car for Too Long
Most car leases last no longer than three years. It can be tempting to lease for longer than that. However, drivers who lease cars longer than three years typically end up paying more money. You will want to make sure that, at the very least, the lease is shorter than the warranty on the car.
Not Taking Care of the Vehicle
Because you don’t actually own the car, it’s easy to neglect maintenance. However, companies will charge a penalty for extensive damage, which can include damage sustained due to failed maintenance.
Contact Crossroads Ford Lincoln for More Information
If you are looking for vehicle maintenance, Crossroads Ford Lincoln can help. We have one of the best service departments in the area. For more information on the services we offer, give us a call at (502) 695-1990 or contact us online today.