Car Leasing Mistakes to Watch Out For

There are many good reasons that you may choose to lease your next vehicle instead of buying.

The payment is usually lower, common repairs are covered, and you are always driving a newer vehicle, just to name a few.

Some common mistakes can end up costing you more money in the long run so make sure you’re aware of exactly what you’re getting into and read the fine print.

Here’s what you should watch out for.

Putting too much money down
The more money that you put down, the lower your monthly payment will be; however, it may not be in your best interest to do so. If your car is stolen or wrecked within the first few months of your lease, it’s unlikely you would be reimbursed for the money you paid up front.

Lowballing your mileage needs
One of the most common -- and costly -- mistakes made is underestimating how many miles you drive in a year.

Most lease agreements will have a set number of miles you are allowed to put on the vehicle and you’re charged for each mile over that limit. The result could be that you have to pay for miles on a car you’re no longer driving.

Ignoring regular maintenance
Don’t end up having to pay fees when you turn in your leased vehicle simply because you didn’t take care of it.

Any damage that goes beyond the normal wear and tear will cost you!

Leasing for too long
If you want to hang onto a vehicle for longer than a couple years, you’re better off purchasing as opposed to leasing.

When you lease a car for a longer period of time, you run the risk of spending more money on maintenance and possibly needing to extend your warranty.

Getting the most for your money
Leasing can certainly be a good value if you avoid making these common mistakes that can unnecessarily be a drain on your wallet.

Visit us at Park Auto Group to get more information about your leasing options!

Categories: New Inventory, People, Finance