Reasons to Delay Signing a Car Lease Contract
As soon as you have made the decision to lease a car, it can be tempting to head to your nearest dealership with the intention of acquiring, and driving away in, your new vehicle that very same day.
However, it is wiser to delay the gratification of owning a shiny new motor – and the signing of any leasing documentation – for at least a few days, for several reasons…
Reason #1: To give yourself time to read the lease contract – and its small print – carefully:
There is much industry jargon included within lease contracts and much room for the covert inclusion of extra clauses and hidden charges within the small print. As such, it is a smart idea to request a copy of any potential lease contract to take home and read over carefully, away from the pressure of the sales office, before signing any such paperwork. This is the case even if you feel the salesperson is being thorough and honest.
Be sure to make a note of any terms, clauses or acquisition/penalty fees that you are confused by so you can question the dealership to establish all of the intricacies of your potential lease deal before agreeing to it.
Any financer unwilling to provide you with the requested documentation and time to look over such is probably not worthy of your business – this suggests they have something to hide, or they would rather you didn’t discover until after you have signed the agreement.
Reason #2: To challenge several dealerships to outbid each other
Once you’ve got one quote in the form of a contract, it is much easier to approach other dealerships to investigate whether they can better the offer. Lease deals are fairly lucrative and so many financers will often be willing to undercut their competitors by a few hundred pounds (or more) in order to secure your business for themselves.
It is important to note that you should also take the time to scrutinise the documentation for any alternative offers you receive before signing your name.
If you are offered a better deal elsewhere, you could always relay this to the original dealership to see if they will improve their offer, should you prefer any of the benefits specific to their own leases. Among the excitement of a lower quote it is all too easy to get caught up in the moment and miss certain clauses or applicable fees.
Reason #3: To research the car of interest as thoroughly as possible
The car you choose to lease is the biggest factor which will influence the cost of your monthly payments and so it is important to make an informed decision. While you may conduct some research before heading to a dealership, you might find yourself taken with another model that is available to lease there.
Either way, there are several factors which will need to be researched carefully before settling on any make and model of car:
● The car’s likely rate of depreciation: Leasing costs for cars which hold much residual value over time are usually the most agreeable. Knowing the expected depreciation rate for a vehicle of interest is useful for determining whether the due monthly payments – and other fees (e.g. for acquisition and disposition) – are fair or not.
● Whether the car is due to be replaced by an upgraded model imminently: If this is the case, you might like to hold off leasing the car until the newer version has been released to the market, for this could see you secure a better deal.
● Whether any dealership is offering a capitalised cost reduction (AKA: rebate) for your chosen manufacturer/model: Some manufacturers will offer significant leasing discounts for models that they have surplus stock of.
● Whether the car handles and operates exactly how you desire: Delaying the contract sign also allows research to be conducted regarding any features, or other aspects (such as fuel economy) of your selected vehicle, which you should also test drive several times before making the final decision to go ahead and lease it.
To learn more about the art of negotiating yourself the best possible car lease deal, read this thorough article on the subject from leaseyournextcar.com