How to Compare Lease Deals

You should compare leases before making a decision.

Leasing an automobile might be beneficial for those who drive less than 15,000 miles a year. This alternative may be cheaper than financing, because you pay only for the time you drive the vehicle and not the total price of the car.

Resources

Survey special lease offers at manufacturers' websites. Click on an option that reads "Shopping Tools" or something similar to view leasing offers (offers change monthly). Visit each manufacturer's website to obtain accurate information. Input your zip code to find local dealers. Contact the local dealers to determine whether any additional discounts are offered.

Considerations

Compare monthly terms and yearly mileage rates of the leases. Usually, a 12,000 miles-per-year lease is the lowest priced option available. Leases typically are advertised to run 36 to 39 months, although you often can lease a vehicle for 12 to 60 months. Contact a local dealer directly if you want to change the leasing terms, which may include modifying the mileage allowance, monthly term and down payment.

Price

Negotiate lease pricing. Leases can be negotiated much like the vehicle's purchase price can be negotiated. You pay roughly $30 per month on every $1,000 of the vehicle's purchase price. For example, you may email or contact the dealer and offer to lease the vehicle if the dealer deducts $30 from the monthly payment. That would be about the same as reducing the purchase price of a car by $1,000 if the asking price is $20,000. Compare leases once you have negotiated the best possible terms.

References

• Edmunds: Leasing Tips: Dissecting the Deal -- How To Spot a Good Lease