When you lease a vehicle, you should go into the process like you would go into the process of purchasing a car. You should be trying to get the best deal possible for your lease. Financially, your lease will count on your credit score like a normal loan, and it will impact your monthly budget. Treat leasing a car like the financial transaction that it is and be ready to negotiate in order to get the best possible terms and deal.
#1 Work to Bring Down the Purchase Price of the Vehicle
First, you want to work to bring down the purchase price of the vehicle. This may seem a little silly—after all, you are not purchasing the vehicle, you are leasing the vehicle. However, the depreciation rate you are charged, which is what your monthly payment is based on, is calculated using the purchase price of the vehicle. If you can work to bring down the purchase price of the vehicle, you are in effect bringing down the monthly payments that you will have to make. Bringing down the purchasing price is the most direct way to reduce the monthly payments you'll be expected to make. The purchase price is also the price you will have to pay, minus what you have already paid towards the vehicle if you decide you want to keep your lease at the end of the lease period.
#2 Align the Lease with the Manufacturer Warranty
As you work on the terms of the lease, find out how long the manufacturer warranty lasts on the vehicle. The warranty should last for a set amount of time or mileage. During that time period, all work, from a basic oil change to new brakes or more serious vehicle issues, will all be paid for under the warranty.
When you lease a vehicle, you don't want to have to pay out of pocket for repairs. Make sure that the lease terms line up with the manufacturer warranty. You don't want the warranty to end and still be leasing the vehicle; this could add to your expenses in the long run.
#3 Negotiate Past the Price
Remember you can negotiate other terms of the contract beyond the monthly payments. Do you know that you drive a high number of miles per year? If so, work to increase the mileage limit without increasing your monthly payment. You can even ask to lower the fee associated with going over the mileage as well, so if you exceed the mileage, it will not cost you as much.
When you are leasing a vehicle, you can still negotiate what you pay. Work to lower the purchase price of the vehicle in order to bring down your monthly payments and make it easier for you to purchase the vehicle later if you choose. Make sure that all repairs will be covered by the manufacturer warranty to save on repair costs during the terms of the lease. Ask for more mileage so how you use the vehicle is not limited. When you lease a car, you are signing a loan, so make sure all the terms are as agreeable as possible before you sign the leasing paperwork.
Learn more about vehicles such as Lexuses for lease from a local dealer.