Leasing a car comes with many great benefits like low monthly payments and repair costs. To maximize these perks, you need to time your lease. When is the right time to get the best auto lease deals?
Best Time to Lease a Car
Specific times offer better opportunities to get the best car lease deals. These include:
When a New Model Comes Out
One of the best times to lease a car is soon after a new model is introduced. When a new car model first hits the market, its residual value is at its highest. The depreciation costs during the lease term will be lower, and you’ll make fewer monthly payments.
A car’s residual value trends lower as its model year progresses. This means the depreciation costs increase towards the end of the model year. If you lease a car at this time, the leasing costs will be higher.
When a brand-new car model is released, many dealerships want to eliminate the older models and create room for new cars. They provide sales incentives and rebates to quickly dispose of older cars. If you don’t mind leasing an older vehicle, you might get a good lease deal at this time.
If the new model is a hot seller, avoid leasing early. When such a model is first introduced, its demand can be high. You might not have a chance to negotiate a reasonable price for your auto lease. If this is the case, wait until the car’s supply catches up with the demand.
During Holidays
Leasing a car on or around holidays can maximize your savings. During these times, many car dealers run promotions and offer great lease deals. They may lease cars at discounted rates, and you can get a better deal.
Some of the special days you can score the best auto lease deals include:
- Black Friday
- Cyber Monday
- Veterans Day
- Memorial Day
- Thanksgiving Day
- Labor Day
- The Fourth of July
- Christmas Day
Before going for the holiday lease deals, compare their potential savings with those of timing a car’s residual value. Pick the option with lesser leasing costs for optimal savings.
At the End of Sales Periods
Many car dealers have monthly or quarterly sales targets to hit. They work hard to reach the milestone and receive a commission. Near the end of the month, quarter, or year, dealerships can offer incentives to meet their goals.
If you auto lease at this time, you can enjoy excellent lease deals. You can lease your dream car at lower prices and save bigger bucks.
Benefits of Leasing a Car
If you’re looking to drive the latest car but don’t have the money to buy one, why not consider leasing? It’s one of the easiest ways to get and drive your dream vehicle. Here are some of the benefits of leasing a car:
Lower Monthly Payments
When leasing a car, you don’t pay the entire purchase price. You make monthly payments to cover the vehicle’s depreciation, interest, and taxes over the lease term. This maximizes your savings as your payment is much lower.
Lower Deposit
When buying a car, you typically need to make a down payment of 20% or more. You can make a small payment and drive away a brand-new car with a lease.
Leasing requires you to pay the first month’s rent and registration fees to get your ideal vehicle. These costs are low compared to car purchase financing.
Lower Repair Costs
The manufacturer’s bumper-to-bumper warranty covers most brand-new cars. If you lease one, you don’t have to worry about expensive repair costs.
When leasing, take time to review your lease and warranty agreements. You’ll understand the repairs and maintenance covered by the manufacturer’s warranty. You can avoid paying unexpected vehicle service bills that can be expensive.
Get the Best Auto Lease Deals
Whether for personal or commercial use, car leasing is beneficial. Enjoy these benefits with the best auto lease deals. You will be able to get a lease that includes low repair costs and monthly payments, a buy-out option, and a low deposit. Make sure you lease at the best time to get a great deal from a reputable broker.
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