Renting a new car is simple in theory: you pay only the part of the depreciation of the vehicle that takes place during the term of the lease, plus interest and fees. You can get a car with the latest technology, safety, comfort, and a full warranty every few years.
In practice, however, leasing can be confusing for the uninitiated. Leasing has a language different from the one you will hear when you buy automatically and get a car loan. If you know the vehicle you are renting, how the process works, and what is and is not negotiable, you will get an excellent car rental contract.
Here are the important steps to know when you are negotiating a car lease in NYC like a pro.
Rent the right vehicle
There are a number of things to consider when choosing a rented vehicle. The golden rule of the best cars in the United States is the first: it’s a good deal only if it’s a good car. Our new car rankings and exams will help you find a vehicle that surpasses its competitors.
Secondly, you want to find a vehicle that has a high residual value, for which you can negotiate a reasonable price, and offers the best opportunity to obtain a significant reduction in the ceiling cost. Leasing of vehicles isn’t only for luxury cars or business sedans. You can rent almost any car, truck, minibus or SUV available, although some offer better rental options than others.
Look beyond the monthly payment
Most consumers rent monthly rent, but this is not the best way to save money. Instead, you want to consider the total cost of the lease, including the amount you pay, as well as taxes and fees. Looking at the total cost, you can compare the offers.
Fortunately, the calculation is quite simple. Multiply the monthly rent by one less than the number of months in the period (since the first payment is usually included in the amount due at signing.) Then add that amount to the amount you must pay when signing in you ensuring that you include all charges that the dealer requires you to pay. The sum of these figures corresponds to the total cost of the contract.
Make sure you do the math yourself and resist the urge to let the seller do it for you. The better you understand the numbers, the less you end up paying for expensive additions or signing a contract that has not been agreed.
Search for rental offers
An excellent way to get an affordable lease is to take advantage of a lease subsidized by the vehicle manufacturer. When cars are selling badly, or a new model is on the road, automakers are proposing leases to keep them out of their fields.
Leases reduce the monthly payment, the amount you have to pay on signing or both. They are usually only available to customers with the best credit scores.
In general, offers are only available on models with specific trim levels and options. You may need to talk to several dealers before finding a vehicle with the proper configuration to qualify for the offer.