Leasing a car and buying a car are two different things. Buying a car means you own the car. Leasing a car means the car is borrowed for an agreed period. It is really important to know the nitty-gritty of leasing before diving into it. A lease is a contract in which one party pays another party for the use of something (land, building, car) for a specific period of time. The car is returned to the lessor after the specified time has lapsed. People have different reasons for leasing, for example, they may prefer a newer car that comes with a warranty which probably requires very low maintenance. The amount paid monthly for a leased car is lower compared to the amount paid for a purchased car. It is imperative to check car lease clients’ feedback if you want to patronize a leasing company. Car leasing opinions will enable you to make the right choice. The below, however, are some of the mistakes to avoid before leasing a car.
Early termination of the lease contract
Don’t back out of the lease term. If the contract you signed is for four years, then use the car for that period of time. Early termination is dealt with by each leas or differently, but none will favour you in the long run. You may be required by the company to pay monthly for the remaining months which might not be friendly.
Not understanding the nitty-gritty of leasing
It is important to know and understand how leasing works before diving into it. Do your research. You should visit reviewsbird.co.uk and also ask questions from people who are knowledgeable about it. That will save you a lot of frustration and headache.
Using the car during the period of the lease term without maintaining it
It is important to maintain the car. Leaving all the little dents and scratches unattended will cost you in the end. It is better to do all these minor repairs before you return the car.
Knowing your mileage
Don’t let the dealer suggest a mileage for you, ensure you have a realistic mileage limit before signing the contract. If left vague, most dealers would assert a mileage of 10,000 to 20,000 kilo-metres per year. What if you exceed that mileage? The dealer will charge you for the extra mileage. These extra charges may be a huge sum when summed up. You must know your mileage before you sign the contract.
Leasing for a long period
Most cars have a warranty of three to four years. Leasing more than four years will cost you more because you will have to be maintaining the car after the warranty has expired. The best thing is to just buy the car. So, don’t lease a car for too long.
A huge down payment
This is risky because if the car is stolen, the dealer will get paid by insurance and your down payment will be gone forever. To be on the safer side, don’t commit too much as a down payment. There are even some companies that accept zero down payment.
Purchasing your leased car
This is a no-no. Let’s assume you lease the car for four years, then after four years, the car will no longer be under warranty. That means you will have to pay for any fault or maintenance that happens after the lease when you can buy a new car with a warranty.
Not having much information about the dealership
You need to get as much information about the company you want to patronize. This information will let you know if the company is worth patronizing.
Purchasing options, you don’t need
The dealer will always want you to choose the most expensive car. Make sure you check options in the car before choosing them. If the options are of no use to you, then choose another.