How Do I Lease a Car?
After finding a new vehicle at Boardwalk Honda near Atlantic City and Egg Harbor, you can either buy or lease it. Both have their benefits, but leasing may be a better fit—especially if you like getting the latest features every few years.
If this sounds like the finance option you’d want, you may be wondering how the car leasing process works. We’ll go over that below more in detail. Then, you can always contact us to get started today!
Steps to Leasing a Vehicle
Below is the step-by-step guide on how to lease a car:
- Create a budget.
- Decide what type of car you want.
- Create a wish list.
- Take a test drive.
- Start the leasing process.
- Sign on the dotted line.
Now, we’ll take you through the entire procedure by delving into each step.
Step 1: Create a Budget.
Before deciding on a vehicle to lease, you’ll want to determine how much you can afford to spend each month.
One of the easiest ways to do this is to create a budget. Grab a piece of paper and a pen and make two columns. On the one side, write out your income for the month. Then, on the other side, make a list of your total expenses. This could include things like rent, cable, phone bill, or student loans.
You’ll then want to subtract the total expenses from your monthly income to see what’s left over. While this provides a good idea on what you can afford to spend on a car, you’ll want to factor in other costs as well. Remember to set aside money for gas, maintenance, and auto insurance into your overall budget.
Step 2: Decide What Type of Car You Want.
Once you have a set budget in mind, you can start to think about what kind of automibile you want to lease.
Do you take a lot of solo trips? Then consider getting a fuel-efficient sedan. Do you currently have or are planning to have kids soon? Then maybe you want to get an SUV. Are you, instead, someone who tends to do a lot of work outside? A strong and capable truck may be more up to your speed.
Overall, you’ll want to think about what you need a vehicle for before deciding on the body style.
Step 3: Create a Wish List.
Next, you’ll want to make a list of vehicles that fit with your budget. A great way to do this is to browse your local dealership’s online inventory to see what they have to offer. Reading reviews and comparisons can also help narrow down your options.
Additionally, you’ll want to consider the features that you want or need. While heated seats may be great, the area you live in might not get too cold that often. In that case, you may agree to do without this amenity.
Same goes with a navigation system. If you know you won’t be driving beyond your usual stops, then you could forgo having this feature in your vehicle.
Step 4: Take a Test Drive.
Once you have your list, you can visit the nearby dealership to test drive those models. Pay attention to various factors, including:
- How comfortable the seats are
- If there’s enough passenger and cargo room
- If the controls are easy to use and within reach
Then, you’ll want to note how the vehicles perform on the road. Check that the steering and brakes are good (test them on winding roads at different speeds, if possible). Also, listen for any possible cabin noises when on the road.
Make notes of the different vehicles, compare each of them, then decide which one you want to drive home in.
Step 5: Start the Leasing Process.
After you pick out your new ride, you'll want to speak with a finance expert to start the leasing process.
Think about how many miles you drive every day, as that'll go into your lease agreement. If there are any lease deals available for the vehicle, that’ll apply to your plan as well. Plus, if you're trading in a car, that can go toward the down payment.
Step 6: Sign on the Dotted Line.
Finally, the staff member will go over any vehicle protection plans that you may want to add to your lease agreement. While these are optional, they can offer you peace of mind if any unexpected repairs are needed.
When the agreement is all written out and explained to you in detail, you'll just need to sign on the dotted line. Then, we'll hand you the keys, and you'll get to drive home in a brand-new car!
Tips for Leasing an Automobile
Leasing a vehicle is usually less expensive than financing the same model. That's because a lease typically requires a low down payment, along with lower monthly payments (since you're only paying off the depreciation value). Plus, leases usually end after three years, before any major repairs or replacements are needed. Therefore, maintenance may cost less overall as well.
However, there are some things to keep in mind when it comes to leasing. We mentioned mileage above. You'll need to pick the right annual mileage plan for your lifestyle, whether that'd be 10,000, 12,000, or 15,000 miles. Otherwise, you may need to pay overage fees at the end of your lease.
You'll also want to keep the vehicle in the same condition as when you first drove it home. That means not making any changes to the car's appearance, as well as avoiding any major damages.
However, as we stated above, you could select from various optional vehicle protection plans. So, if your vehicle does endure any major wear and tear, you'd be covered and wouldn't have to pay any extra fees.
Lease a Vehicle Today
There's more to learn about how to lease a car, and the finance experts at Boardwalk Honda would be happy to provide said information.
Be sure to contact them today with any questions you may have. Then, stop by our Honda dealership near Atlantic City and Egg Harbor to find a new ride to lease today!