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If you've set your heart on buying that latest model of car from a new car dealer, there are a few handy tips that could help you avoid any pitfalls before you sign the leasing agreement on that car.
Ask the new car dealers about the possibility of trading in your existing car. Ask how much it would be valued at and how it would affect the price of the new car. Maybe the new car dealer could offer to reduce the monthly installments on the new car lease. Find out how much the discount comes to and when it is applied as sometimes you have to make a full payment and then claim it back at a later stage. Find out the exact trade-in value that you will get.
Before signing that lease agreement on your new car, ask your new car dealer to give you a detailed list of all costs that you are expected to pay so you don't get any unpleasant surprises when hidden costs suddenly show up. A new car dealer is aware of all incidental expenses involved and may or may not enlighten you unless you ask.
Make sure you know the consequences in advance and are prepared for them in the unlikely event that you are unable to make the lease payment on your new car, even if it involves just one late payment. The new car dealer would be able to give you information regarding available insurances like Redundancy Insurance and Early Termination Insurance. These insurances cover different eventualities including early termination, which could be of great help if you have to return the car before the lease agreement ends in which case you would incur some early termination charges. Check how much this is likely to be.
You can get lease terms from anywhere between 12 months to 60 months and variations in between. Take the servicing schedules of the vehicle into consideration while choosing your lease term. Servicing charges could cost you more if the term goes even a little over a 12-month period.
A lease can usually be extended but check how much extra that could cost you. When the lease ends the car ends up being auctioned to used car dealers who then spruce it up a bit and sell it at a profitable margin.
You can save extra money by leasing a used car but make sure it is "VAT Qualifying", less than 2 years old, has not covered more than 20,000 miles. Leasing used cars is cheaper because depreciation is taken into account, but limit your lease to cars that are no older than one or two years, or else the cheap initial cost may be covered by high maintenance costs in the long run.
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