What is the Best Time of the Year To Lease a Car?
When you are looking to obtain a new motor, so much depends on getting the timing right. This is certainly...
When you are looking to obtain a new motor, so much depends on getting the timing right. This is certainly the case when it comes to buying a new car, but the same is also true if you plan on leasing one as well. After all, you want to give yourself the best opportunity of grabbing a great deal. So, in this blog post, we are going to provide you with a bit of advice which is designed to give you some useful guidance on how to navigate the field of leasing a car successfully.
Shortly After the Model is Introduced
A good time to pick when you are leasing a car is waiting until shortly after the model is first introduced. This may seem like it is counterintuitive, but it is the time when the residual value will be high, so you can save cash on the depreciation cost. For example, if you plan on leasing a car towards the end of its model year, you are likely to end up paying an extra’ year of depreciation when you come to turn it back in again. But on the other side of the coin, the initial negotiated price is likely to drop lower, so this is something to bear in mind as well. Essentially, you should make a point of negotiating hard to ensure that you get the best purchase price possible.
Last Year’s Models
If you are not that bothered about leasing a car which is right up to the minute, you can get a good deal on the previous year’s vehicles when the new models are being released. Manufacturers are always keen to oust their existing inventory to make room for new models, so this is something which is worth bearing in mind. However, one of the drawbacks of taking this approach is that you may not have all the different styles and colors to choose from, so you may have to be more flexible. If you have your heart set on a specific vehicle, you are more tied to paying the price which you are told.
Times When Other Customers Stay Away
When the cars are flying off the forecourt, this is the time of year when you are unlikely to snag yourself the best deal possible. So, you need to try and choose a period when other customers are staying away.
The majority of new car models are introduced between July and October, so this is a good time of year to choose when it comes to maximizing your savings. Also, a lot of people are away during the summer months, so you are less likely to face such stiff competition during these months. In terms of the general times when customers stay away, weather can have an impact on customers. For example, rainy or snowy days are not particularly appealing times to buy a new car.
End of the Month or Quarter
Another time when it is worth being alert to the deals that you can grab is at the end of the month or the sales quarter. Often, car dealers will have sales quotas and large bonuses as tempters if the quotas are reached. If a dealer is close to reaching his or her quota, there is every chance that they will be especially incentivized to reach their goals. Of course, as a customer, it is very difficult to know whether or not this is the case. Ultimately, you just need to approach car dealers at the right time to see if you get lucky. You may have to approach several different sellers until you snag the deal that you are looking for.
Special Manufacturer Deals
There are also times of the year when manufacturers offer special lease deals, which depend on the seller, so keep an eye out on any offers when they roll in. Make sure that you compare the price with what is standard to ensure that it is a sale which is worth taking advantage of. These incentives tend to come in a number of different forms. You may be able to get a cash rebate, low or zero interest loan, or a vehicle bonus of some description. As you would expect, these deals tend to be limited time offers, so you need to be able to act at the right time. Again, flexibility during the course of the year is a good quality to possess as you will be able to wait for a good deal when it comes your way.
Watch Out for Hot Selling Vehicles
Some vehicles just have an enormously high level of popularity, which can be a problem when it comes to negotiating a decent price. You may be better off waiting off a couple of months until the demand has started to cool off a little bit and you can get a better price. It is a simple rule of sales that prices are unlikely to drop when demand remains very high.
Learn Some Basic Negotiation Tactics
Before you go into the dealer to try and grab yourself the best deal, it makes sense that you are fully prepared to negotiate effectively. Otherwise, you are much more likely to get taken advantage of. And the first thing to do is ensure that you are well-versed in the different types of vehicles that you are looking for. You can learn so much using the wealth of resources that are available online, so there is absolutely no reason to go into negotiation with no understanding of the product that you are looking at buying. The seller will be able to smell your naivety a mile off, and you will probably find yourself driving off a car which costs more than you needed to pay for it.
Car dealers will often try to put you under pressure, so you make the purchase before you are ready. Remember, there are plenty to dealers out there, and you are under no obligation to purchase from one particular seller. In fact, it can be a useful sales tactic to tell the dealer that you have been to other places. Once you have settled on a particular make and model of vehicle, the more places you go, the more you will be able to compare and contrast the different deals which you can get.
Leasing is different from buying, but always bear in mind the contract you are signing and the total cost which it is going to set you back. You don’t want to only get bogged down thinking about the monthly fees. Otherwise, you will not be looking at the full picture available to you. Sometimes, sellers will try to throw in optional extras as a way of tempting you to make the purchase. But you need to be the one to determine whether or not these are worth having. Often, these are little extras which don’t end up amounting to all that much.
Always bear in mind that you are getting involved in a business transaction and this is something which should be undertaken with your head and not your heart. Too many people end up only thinking about the emotional side of the purchase, and this is something that trained sellers will exploit. Always read the paperwork in detail, so you are fully satisfied with what you are getting from the deal.
The final point to bear in mind is to always be prepared to walk away from the deal. You don’t want to seem as if you are the one under pressure. Otherwise, you are more likely to get sucked into a bad deal.
Like buying a car, leasing a vehicle is also about getting the timing right. Hopefully, this advice has given you some useful tips to follow to help grab yourself the best deal possible. After all, there is no point in paying more if you don’t have to. Flexibility is one of the best qualities which you can possess. If you don’t get the right deal on one car, you should be prepared to move onto another. If one dealer will simply not budge on the price, you should be prepared to buy from another. If the time of the year simply isn’t right, you should feel comfortable waiting until it is. So, when you are first looking to lease a car, give yourself as long as you possibly can to get yourself a good deal. You don’t want to feel under pressure if you can possibly avoid it.
Also, pay attention to the different sales techniques which we have outlined in greater detail above. This way, you will find yourself at an advantage before you even go into the car showroom. None of these things are massively difficult to do, but they can make all the difference when it comes to grabbing yourself the kind of deal that you are looking for.
- The Best and the Worst Time of the Year to Buy a New Car – Huff Post
- Is Leasing a Car a Good Financial Decision? – The Balance
- When is the best time to buy a car? – The Money Advice Service