To lease or not to lease? That is the question…when you are looking at getting a new or used car, at least. Well, if you have already decided to lease instead of buy, here are a few things you may need to know!
Things to know when leasing a vehicle
- You can sometimes negotiate a lease, depending on the dealership.
- You’ll probably have a smaller down payment on a lease than if you were buying.
- You’ll have limited mileage.
- Vehicle repairs are still on you, though the dealership may offer some sort of deal if you lease from them.
What happens if I go over my mileage on a leased car?
Usually, there will be an extra cost every mile that you’ve driven over the limit. You should be able to find the exact penalty for going over your mileage on the contract that was signed when you first leased the vehicle. Of course, you can always contact the dealership and ask, as well.
If you think you are going to go over the limit and don’t want to pay the fee, you really don’t have many options. You can either stop driving around so much or calculate the amount it would cost to buy out the vehicle instead.
Read more: What’s the best solution when you owe more than your car is worth?
What to do before turning in a leased vehicle
- Clean it! Seriously. Take it through a car wash, vacuum the inside, wipe down the interior. A little can go a long way.
- Inspect the vehicle for dents/scratches/tears. There will be another inspection by the dealership, so if you were a bit rough on the vehicle, it’s best to prepare yourself beforehand.
- Be prepared to pay if you went over the mileage limit
- Consider buying the vehicle if you did go over the lease mileage
Where can I lease a luxury vehicle near Phoenix?
If you are looking for your next luxury vehicle then you may want to consider coming over to Mercedes-Benz of Scottsdale. We would love to tell you more about the process of leasing a vehicle, and you can take your future luxury vehicle for a test drive while you’re here!
*2019 Mercedes-Benz E-Class images shown.
